The local retailer and distributor of jewellery and watch brands including Gucci and Girard-Perregaux, has reported a 25 per cent jump in revenue.
O Luxe Holdings, formerly known as Ming Fung Jewellery, says sales grew to about HK$233.4 million (US$29.9 million) in the six months to the end of March. Its unaudited figures also show its gross profit reaching HK$98.4 million, up from HK$74.2 million for the same period last year, while the gross profit margin improved from 39.8 to 42.1 per cent.
O Luxe says the increases result from a higher contribution from interest in its loan-financing business of HK$32.5 million (HK$13.9 million for the same period a year ago). It also has gold mining interests.
The company retails and wholesales luxury watch brands and jewellery in Mainland China, Hong Kong, Macau and Taiwan.
“Overall, the improvement of the result was attributable to the group’s continuous expansion
in different business segments, and in its continuous reduction of reliance on the luxury goods markets in Hong Kong and China,” says chairman Zhang Jinbing.
“Looking forward, the difficult economic conditions in China and Hong Kong are expected to persist. The group will continue to adopt stringent cost-control measures, employ appropriate strategies to further diversify its source of income, and actively explore opportunities.”
