Hong Kong Jeweler TSL Returns to Profit

RAPAPORT... Tse Sui Luen (TSL) expects to report a profit for the full fiscal year amid improved consumer sentiment in mainland China.The Hong Kong-based jeweler believes it earned approximately HKD 15 million ($1.9 million) for the year that ended March 31, 2022, it said last week. That compares with a loss of HKD 44 million ($5.6 million) the previous year.Consumer sentiment in China improved during the first three quarters of the fiscal year, returning to pre-pandemic levels, the retailer noted. "Significant" growth in the company's online sales also spurred profit.The increases during those nine months outweighed a drop in the fourth fiscal quarter, when the government instituted a number of restrictions to stem a rise in coronavirus cases."For the last quarter, the group's businesses in mainland China and Hong Kong have been severely affected by the Covid-19 outbreaks, especially the...fifth wave of the epidemic...which has posed unprecedented challenges to our operations and led to the sales slump of our retail stores in Hong Kong."TSL will publish its full-year results by the end of June.Image: A Tse Sui Luen store in Hong Kong. (Mangonchong)