Lifestyle Int'l sees net profit decline 27% in H1

Aug. 10, 2009 (China Knowledge) - Lifestyle International Holdings Ltd<1212>, a Hong Kong-based retail operator that specializes in high-end department stores, announced that its net profit reached HK$443.7 million in the first half of this year, reflecting a year-on-year decline of 27%.

The company attributed the profit drop to decreasing investment income and losses at two new stores.

Earnings per share were HK$0.266 in the first six months of this year, and the dividend was HK$0.11 per share.

Earlier, DBS Vickers Securities Holdings predicted that the company's core earnings would reach HK$390 million.

During the first half of this year, Lifestyle's turnover rose 2.5% from the previous year to HK$1.74 billion, while its gross profit margin was 25.6%, down 0.4 percentage points.

The company said that it holds a prudent attitude towards the retail markets in mainland China and Hong Kong because there are no clear signs of an economic rebound and customers are still cautious about consumption.

The company's shares rose 1.6% to close at HK$11.42 on Monday morning before the release of the report.