Mokingran swings to profit as gold hedging losses narrow
Gold jewelry retailer Mokingran Jewellery Group Co. Ltd. (2585.HK) on Tuesday forecast it would report revenue of 9.16 billion yuan ($1.36 billion) to 11.19 billion yuan for the first half of this year. The company expects to report a profit of approximately 18 million to 21 million yuan for the period, bouncing back from a loss of 70 million yuan a year earlier.
Mokingran attributed the turnaround to reduced losses from Au(T+D) contracts and gold leasing in the first half of the year. It added its push into overseas markets has begun to bear fruit, with an increase in offshore revenue helping offset the impact of falling sales in China.
Shares of Mokingran opened flat at HK$29.54 on Wednesday. The stock is down 15% from its 52-week high.
By Lau Chi Hang
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