Hong Kong jeweller Tse Sui Luen says its annual profit has declined by 55.5 per cent due to rising costs.
Turnover for the year to February 28 grew by 6.1 per cent to HK$3.5 billion as sales in Hong Kong and Macau grew nine per cent.
In China, the jeweller took a cautious approach to its expansion due to the sluggish growth in the demand for jewellery there.
Tse Sui Luen expects operating environment to remain challenging due to weakened consumer sentiment across its operating regions and rising inflation in Mainland China.
However, the company said it will continue to take a positive long term view of the market by continuing to invest in its sales network and brand revitalisation.
“We plan to open two to three new shops in Hong Kong and Macau this year, and 15 to 20 in the mainland, spending HK$150 million altogether,” said chairman and CEO Annie Yau On-yee.
