Upcoming B2B Gems & Jewellery Exhibition- 19th - 20th - 21st January 2019. Bangalore.

CTF revenue tumbled 12.0% in FY2016

2016-06-09


Chow Tai Fook Jewellery (CTF), the largest jeweller listed in Hong Kong with 87 years of heritage, announces its annual results for the year ended 31 March 2016. During FY2016, the Group recorded a revenue of HK$56,591.5 million (FY2015: HK$64,277.0 million), representing a decline of 12.0% year-on-year. Excluding the unrealised hedging loss on gold loans, net foreign exchange loss and amortisation of other intangible assets, core operating profit was down by 24.5% to HK$5,050.0 million (FY2015: HK$6,690.8 million), following a decline in revenue and gross profit margin.

Core operating profit margin was 8.9% (FY2015: 10.4%). Profit attributable to shareholders of the Company amounted to HK$2,941.4 million (FY2015: HK$5,456.0 million). Basic earnings per share were HK29.4 cents (FY2015: HK54.6 cents). The Board of Directors recommended a final dividend of HK8.0 cents per share and a special dividend of HK22.0 cents per share. Excluding proposed and paid special dividends, the full year payout ratio approximates to 54.4%.

Chow Tai Fook Chairman Dr. Henry Cheng said, “FY2016 was a year filled with challenges and uncertainties amid volatile macro-economic environment in Greater China. Yet, the Group’s underlying competences remain strong against the backdrop of headwinds. We will continue to invest for the future to maintain our competitive advantages, and to capture the market opportunities through our well-established brand and extensive industry experience.”