Luk Fook Holdings (International) Ltd (HKSE:00590)
HK$ 19.24 -0.3 (-1.54%) Market Cap: 11.30 Bil Enterprise Value: 10.81 Bil PE Ratio: 7.18 PB Ratio: 0.91 GF Score: 83/100
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Full Year 2020 Luk Fook Holdings International Ltd Earnings Call Transcript

Jun 26, 2020 / 09:30AM GMT
Release Date Price: HK$15.75 (+1.81%)
So Kuen Chan;International;Limited;CFO
Luk Fook Holdings;Company Secretary & Executive Director

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(technical difficulty)

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

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