Retail revenue for jewellery group King Fook Holdings fell by 34.5 per cent to HK$387.6 million (US$49.7 million) for the year to the end of March, its audited figures show.

Gross profit for the year dropped by 32.2 per cent to HK$95.75 million while the gross profit margin improved to 23.9 per cent from 23.1 per cent the previous year.

King Fook attributes its decreases to the closure of three underperforming retail shops and weak customer demand for luxury goods. Three underperforming retail shops were closed during the year, at Causeway Bay, Tsim Sha Tsui and Admiralty. A shop selling fashion in Central was changed to a King Fook Jewellery shop.

At the end of March, the group had six retail shops.

Revenue from the group’s bullion trading for the year jumped by 37.5 per cent to HK$11.395 million because of consumer demand for gold bullion.

The group closed the year with a consolidated loss attributable to shareholders of HK$85.987 million.