Jun 26, 2020 / 09:30AM GMT
So Kuen Chan - Luk Fook Holdings(International)Limited-CFO - Company Secretary & Executive Director
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On the other hand, total operating expenses decreased by 15%. Its ratio to revenue therefore increased by 3.7 percentage points to net -- up to 18.9%. And then in addition to the decline in diamond sales leading to a bigger reduction in diamond purchases, which resulted to a significant decrease of VAT refund in relation to diamond import in Mainland of about HKD 182 million, together with gold hedging turn from a profit of HKD 8 million same period last year to loss of HKD 131 million this year contributed by the high gold price. Operating profits therefore substantially decreased by 37.6% to HKD 1.2 billion. Our operating margin maintained at a double-digit level of 10.3% while net margin decreased by 1.8 percentage points to 7.7%.
Now let's turn to Slide 7. Targeting at reducing our inventory level to below HKD 8 billion, we have successfully decreased our inventory balance by 19.2% to HKD 7.5 billion
Full Year 2020 Luk Fook Holdings International Ltd Earnings Call Transcript
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