Oriental Watch Holdings says it expects its profit for the latest financial year to more than double due to Chinese consumers shopping more at home, unable to travel abroad due to Covid-19 restrictions. 

In a positive profit alert filed with the Hong Kong stock exchange, the company’s chairman Dennis Yeung said profit attributable to shareholders of the company in the year to March 31 is likely to increase to more than US$29 million (HKD 225 million) compared with $13 million (HKD 100 million) the previous year. 

Oriental Watch’s news follows last week’s results announcement from Hong Kong-headquartered jeweller Chow Tai Fook which cited similar reasons behind a doubling of its March year profit to US$776.65 million, its highest since the 2014 financial year. 

Dickson Concepts International, which owns the Harvey Nichols department-store business and watch retailer Dickson Watch & Jewellery, among other brands, also reported solid sales growth in Mainland China and Taiwan.