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Hong Kong jeweller Tse Sui Luen Jewellery (International) Ltd reported a whopping 94 percent drop in profit in the first half of its fiscal year, which it attributed to the impact of the US-China trade war and the social unrest in Hong Kong.
Earnings for the six-month period ending September 30, 2019 was down to HK$1.57 million from HK$24.27 million year on year. Revenues fell 14 percent to HK$1.65 billion from HK$1.91 billion a year ago.
Annie Tse, chairman and CEO of TSL, also traced the company’s lacklustre performance to a weaker renminbi, which affected the spending power of Chinese visitors.
“Domestically, Hong...
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