RAPAPORT… Tse Sui Luen (TSL), one of Hong Kong’s large jewelry retailers, went back into the black in the past six months as the Chinese market returned to strength, management estimated in a preliminary update.
The company expects to report profits of at least HKD 2 million (around $257,000) for the first fiscal half ending September 30, it said Tuesday. While the figure is small, it represents an improvement from the loss of HKD 42 million ($5.4 million) for the same period a year earlier.
TSL cited the “combined effect of the continuous recovery in the overall performance of the group’s business due to the stabilized and controlled Covid-19 situation in mainland China, and the reduction in the group’s expenses as a result of various cost-control measures persistently taken.”
The company upped its focused on online business development, leading to “remarkable growth” in the e-commerce segment during the half year. The group expects to publish full results by the end of November.
Image: A TSL store inside a shopping center in Kuala Lumpur, Malaysia. (Shutterstock)
Profits Return at Hong Kong Jeweler TSL
The Bottom Line
- TSL expects a profit of at least HKD 2 million ($257,000) for the six months ending September 30, reversing a HKD 42 million loss from the previous year.
- The profit turnaround is attributed to stabilized Covid-19 conditions in mainland China and ongoing cost-reduction efforts.
- TSL’s e-commerce segment saw significant growth due to increased focus on online business development.
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