Luk Fook Holdings (International) Ltd has warned that profit in the first half of this year is likely to have fallen by up to 40 percent as revenues and margins dropped.
The warning to the Hong Kong Stock Exchange followed one last week from Chow Tai Fook Jewellery Group Ltd which said its April-September fiscal half-year profit could have halved due to lower sales in Hong Kong and Macau.
Retail sales in Hong Kong fell in September for a seventh straight month due to falling numbers of tourists from mainland China and weak consumer sentiment worsened by a volatile stock market during the summer.
Luk Fook Chairman Wong Wai-sheung said higher rents are also seen as contributing to the decline in the jeweler's results.
