Jeweller Luk Fook has reported net profit for the six months to September rose 72.9 per cent to HK$965 million (US$124.5 million).

The revenue reached more than HK$10 billion, representing a significant growth of 70 per cent over that of the same period last year.

“The international gold price sharply hit recent new lows several times, triggering gold rushes in April and June. It created a marvelous opportunity for a soaring demand for gold products, driving up the sales volume and revenue of the group,” said CEO Wong Wai Sheung.

The retail business continued to be the primary sales driver for Luk Fook, accounting for 85.8 per cent of total revenue which represented a growth of 81.7 per cent to HK$8.6 billion. The wholesale business grew by 16.3 per cent over the previous period to HK$1.1 billion.

Luk Fook says that Hong Kong remained the key market for the group, contributing 64.1 per cent of its total revenue. Mainland China visitors continued to be the primary customers for the Hong Kong retail business, contributing around 60 per cent of the group’s retail sales in this market.

The group opened 110 shops in the six months (one self-operated shop, 109 licensed shops), taking the total to 1188 shops globally.

Looking ahead, Luk Fook will open a new shop in Sydney, Australia in the fourth quarter to extend its retail territory to the southern hemisphere.