Luk Fook said that its profit in the past 2016 financial year, which ended on March 31, has fallen due to the slowdown of the Chinese economy and in view of reducing the flow of tourists in mainland China.
Revenue fell 12% to $ 1.81 billion, while gross profit decreased by 41%, to $ 123.9 million. Sales Luk Fook in Hong Kong fell 14% to $ 1.06 billion, which corresponds to the forecast of the company's profit , released earlier this month.
Reducing the flow of tourists to Hong Kong was due to the slowdown in the world economy, believe in Luk Fook. Strengthening of the US dollar against the yuan and the Hong Kong weighed on sales volumes, as well as an increase in the popularity of other tourist destinations, such as Japan and Korea. Exchange rates were more attractive to tourists in these countries.
Chow Tai Fook, another Hong Kong jewelry retailer, reported a 46 percent drop in profit for the same period. However, jewelry sales Chow Sang Sang fell by 10% in Hong Kong and Macau in 2015, but a good jeweler's trade performance in Mainland China have allowed the company to reduce revenue by only 1%.
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Gem Diamonds has revised the production plan at the Letšeng mine in 2015, to 105-108 thousand carats, against the previous estimate of 102-107 thousand carats.
The company's statement, directed by Rough & Polished, says that the increase in production estimates was due to higher productivity and cost control.
In the third quarter, the value of the diamonds from Letseng was $ 2,578 per carat on the back of continuing liquidity constraints, due to high stock levels and the slowdown in the growth of the Chinese economy.
The company said that the cost of 13 diamonds exceeded $ 1 million for each of them. Also for a diamond type IIa weighing 357 carats, the company managed to raise $ 19.3 million within the tender.
"It's nice to realize, That the prices for diamonds from Letseng in the third quarter remained high despite the difficult market conditions in the reporting period, "said Clifford Elphick, CEO of the company. - In addition, operating indicators Letseng exceeded the forecast values of the second quarter for ore processing, the maintenance of diamonds in rock and mining in carats.
It is expected that operating results for the full year 2015 will also exceed estimates. " Meanwhile, Elfik said that the Ghaghoo project in Botswana continues to increase production, compared to the previous quarter, ore processing and diamond mining in carats increased by 30% .
during the period 31 923 carat diamond was produced in the mine, including two blue diamond weighing 2.2 and 1.5 carats. The average content of stones in a hundred tons of ore was 29.1 carat. Meanwhile, estimates of reserves suggest a level of 27.8 carats per hundred tons of ore.
The sale of the second batch of diamonds with the Ghaghu in July brought Gem Diamonds an average of $ 165 per carat. Since the beginning of the year, the cost of stones was $ 176 per carat.
Letseng also paid dividends of $ 20.2 million during the period under review, which resulted in a net cash inflow of Gem Diamonds of $ 12.7 million.
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