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Cortina's Q3 net profit more than doubles on the back of positive inventory change
LUXURY watch retailer Cortina Holdings' third-quarter net profit has more than doubled, it announced on Friday.
Its income statement showed that the increase was due mainly to changes in the values of finished goods.
Earnings rose to S$5.64 million, for the three months to Dec 31, 2017, from S$2.54 million in the same period the year before.
Meanwhile, revenue surged by 20 per cent to S$122.89 million.
On the expenses front, the purchase of goods and consumables grew by 27 per cent, from S$80.49 million to S$102.15 million.
But even though the cost of goods increased, the changes in inventories of finished goods jumped from S$1.03 million to S$7.33 million.
Earnings per share went up to 3.4 Singapore cents, from 1.5 Singapore cents the year before.
Cortina said that it expects to remain profitable, barring any unforeseen circumstances, despite competitive market conditions.
"The group will continue to adapt cost-saving measures and aim at even better performance," it added.