You are here

Hour Glass Q1 profit down 15% on one-time relocation expense in Australia

WATCH retailer Hour Glass on Monday reported a 15 per cent fall in net profit for the first fiscal quarter.

Net profit for the three months ended June 30, 2017 stood at S$6.98 million, compared with S$8.19 million a year ago.

Revenue rose 11 per cent to S$164 million, reflecting improved consumer sentiment in selective markets in the region. But operating expenses were higher as it included a one-time relocation expense of S$1.5 million incurred by The Hour Glass Australia.

"The global watch sector continues to remain challenging. Barring any unforeseen circumstances, the group expects to be profitable for the financial year."

sentifi.com

Market voices on:

Powered by GET.comGetCom