Chinese jeweller Luk Fook has reported a 50 per cent rise in income for the last fiscal year.

The company reported a full year profit of HK$1.9 billion (US$245.1 million) on strong growth of gold and gem-set jewellery products.

The retail business rose 47.8 per cent while wholesale business grew 20 per cent.

During the 12 months, Luk Fook acquired 50 per cent interest in China Gold Silver Group which retails 3D-Gold jewellery brand.

It also opened its first mainland China flagship store in Wuhan, followed by its largest flagship store worldwide in Macau and its first shop in Sydney, Australia.

In the coming years, Luk Fook will make strategic move to open flagship stores in prominent cities and intend to maintain the growth of new openings (mainly licensed shops) of approximately 15 per cent each year to strengthen its penetration into the mainland China market.

CEO Wong Wai Sheung says the company is prudent about the business growth in the coming year, despite the profit rise, as macro economic environment remains uncertain.

Luk Fook’s network expanded to 1268 shops globally, of which 1208 are in mainland China.