Hong Kong jeweler Tse Sui Luen (TSL) expects a narrower loss for the full fiscal year than it initially predicted.
The company believes its deficit will not exceed HKD 200 million ($25.5 million) for the 12 months that ended March 31, it said Wednesday. The figure represents a reduction of more than 46% versus last year’s loss. After the first half that ended September 30, the company expressed doubts about continuing its business amid weakening demand for diamond jewelry and high gold prices.
In the previous fiscal year, TSL reported a loss of HKD 374.2 million ($47.7 million).
The improvement was primarily due to lower operational costs as well as increased profit at the franchises on the mainland. Additionally, while the company realized a devaluation of its goods because of the weak market, that write-down was lower than the impairment it recorded the previous year.
TSL expects to publish its full fiscal-year results at the end of June.
Image: A TSL store in Hong Kong. (Shutterstock)
