Chow Sang Sang Expects Profit Jump

Chow Sang Sang anticipates that its profit for the full year will rise amid improved sales in key markets.

Profit from continuing operations is set to come to between HKD 1.6 billion ($204.2 million) and HKD 1.7 billion ($216.9 million) for the year that ended December 31, the Hong Kong jeweler said Monday in a preliminary announcement. The previous year, the company saw a profit of HKD 772 million ($98.5 million).

The expected increase is due to a rise in sales in China, Hong Kong, Macau and Taiwan, especially in the second half of the year, as well as a higher gross margin that received a push from favorable gold-price movements and a greater share of fixed-price gold jewelry in sales, the company explained. In August, the company reported that it also gained from the shrinking of its store network.

Chow Sang Sang will publish its full-year results on March 26, it added.

Image: A Chow Sang Sang store in Hong Kong. (Shutterstock)