Chow Sang Sang predicts up to 83.3 pc surge in net profit

Chow Sang Sang (0116) estimated that its net profit for the first half this year would surge to HK$900 million to HK$920 million, representing a growth of 79.2 percent to 83.3 percent.

The gold jewelry maker said sales of gold items garnered higher gross profit margins as the price of gold stayed on an uptrend for the six months ended in June.

Spot gold has jumped about 27.4 percent to US$3,341.89 (HK$26,067.8) per ounce as of yesterday.

Reduction in costs realised from the rationalisation of the store network and other cost-control measures also contributed to the profit increase, the company said.

Shares of Chow Sang Sang inched down by 0.55 percent yesterday to HK$8.98.

In 2024, the company recorded a 20 percent decline in its full-year net profit of HK$806 million and closed 122 outlets in a year.

HELEN ZHONG