SINGAPORE: Specialist watch retailer The Hour Glass Ltd reported a net profit of S$8.6 million for its first quarter ended June 30, an increase of 65 per cent over the corresponding quarter a year ago.
This was achieved on the back of S$137.1 million in revenue for the same quarter, a 30 per cent rise from S$105.3 million a year ago.
Earnings per share (basic and diluted) was 3.68 cents for the quarter compared to 2.24 cents a year ago.
A company statement said a stronger operating performance across the group's expanded multi-brand retail network coupled with positive trading conditions resulted in the better showing.
Gross margins remained at 21.1 per cent.
But The Hour Glass added a note of caution.
The statement said: "Recent global events have led to the worsening of the financial markets, dampening consumer sentiment which we believe may lead to a lower demand for luxury goods.
"Barring any unforeseen circumstances, the group is cautiously optimistic that it will remain profitable for the financial year."
This was achieved on the back of S$137.1 million in revenue for the same quarter, a 30 per cent rise from S$105.3 million a year ago.
Earnings per share (basic and diluted) was 3.68 cents for the quarter compared to 2.24 cents a year ago.
A company statement said a stronger operating performance across the group's expanded multi-brand retail network coupled with positive trading conditions resulted in the better showing.
Gross margins remained at 21.1 per cent.
But The Hour Glass added a note of caution.
The statement said: "Recent global events have led to the worsening of the financial markets, dampening consumer sentiment which we believe may lead to a lower demand for luxury goods.
"Barring any unforeseen circumstances, the group is cautiously optimistic that it will remain profitable for the financial year."
