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Hour Glass records 6% rise in Q3 profits despite revenue slide on lower spending
WATCH retailer The Hour Glass shrugged off a revenue slide in the third quarter to post a 6 per cent rise in net profit on the previous year.
Earnings were up to S$14.19 million for the three months to Dec 31, 2017, it announced on Friday.
This was even as revenue stood at S$182.94 million - lower by 7 per cent against the same period the year before.
The company posted year-on-year drops in the cost of goods sold as well as certain other operating expenses, and recorded a foreign exchange gain where there had been a loss in the previous year.
Earnings per share was 2.01 Singapore cents, compared with 1.9 Singapore cents previously.
"Despite improving consumer sentiment, the watch sector continues to remain volatile," the group noted, but added that it expects to remain profitable for the financial year, barring any unforeseen circumstances.
The Hour Glass closed down by half a Singapore cent, or 0.76 per cent, to S$0.655, before the announcement.