Chow Sang Sang flags interim profit to more than double

Chow Sang Sang (0116) estimated that its net profit for the first half this year would surge to HK$2.1 billion to HK$2.2 billion, representing an increase of roughly 1.3 to 1.4 times year-on-year .

The gold jewelry maker said the expected profit growth mainly stems from stronger retail sales across key markets and an unrealized gain from revaluation of bullion loans at market prices, compared with an unrealized loss a year earlier.

Shares of Chow Sang Sang closed 0.46 percent higher at HK$10.81 on Monday.

Spot gold was 0.15 percent higher at US$4,444.1 (HK$34,866.85) per ounce at 20:30 in Hong Kong.

Chinese institutional investors have been buying the dip in gold in recent weeks, helping to arrest the precious metal’s decline and keep prices above the key threshold of $4,000 (HK$31,382.6) an ounce.

Frank Feng

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