Chow Tai Fook profit drops 42%

Chow Tai Fook Jewelry Group Ltd, the world's largest publicly traded jewelry chain, has reported a 42 percent plunge in first-half profit amid weak demand in Hong Kong and Macao as China's economic slowdown hurt sales of luxury retailers.

Net income fell to HK$1.56 billion ($201 million) for the six months ended September from HK$2.69 billion a year earlier, the jeweler said in a statement on Tuesday.

The company warned on Nov 10 its profit would plunge as much as 50 percent mainly due to weakness in Hong Kong and Macao, increased sales of lower-margin gold products and unrealized hedging losses.