Chow Tai Fook, the world’s biggest jeweller by market value, reported a 79 per cent rise in net profit for the year to the end of March and said sales could double in three years in spite of slower jewellery sales growth in China.
Shares in the Hong Kong-based group closed 39 per cent lower than its December listing price of HK$15, compared with a 3.4 per cent rise in the benchmark Hang Seng index during the same period.
Analysts have largely attributed the fall to the fact that growth in jewellery spending fell from more than 40 per cent year on year in 2011 to just over 10 per cent this year.
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