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Rise in net
profit for gold jeweller
Gold jeweller Michael
Hill International has announced a rise in annual net profit, it has been
reported.
According to the New Zealand Herald, annual net profit rose by 33.2 per cent
while it also attributed its NZ $21 million profit to strong trading in the
first three quarters of the year.
Operating revenue at the gold jewellery retailer also rose to $350.18 million,
up by 13.2 per cent to the year ending June 2007.
"The company's performing well with strong margins in New Zealand but
last-quarter sales ended up slower than we thought they'd be. Given we're still
going into a tougher retail environment it'll be interesting to see how [the
company] gets along," Forsyth Barr retail analyst Guy Hallwright told the
newspaper.
Meanwhile, Australian chief executive of Michael Hill told the Herald that the
Canadian market was difficult due to a requirement for ten-carat gold compared
to nine-carat requirement in New Zealand and Australia.
Michael Hill International is listed on the New Zealand Stock Exchange and
manufactures and sells jewellery throughout New Zealand and Australia.
© 2007 Adfero Limited |
