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Monday, 20th August 2007 (4385 views)

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.

 

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