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LUXURY watch retailer The Hour Glass on Thursday reported a 7 per cent drop in its net profit to S$48.7 million for the full year ended March 31.
Total revenue and other income dipped one per cent to S$703.95 million. Meanwhile, earnings per share clocked 6.91 Singapore cents, down from 7.42 Singapore cents a year ago.
"Tepid economic growth, subdued trading conditions in the watch industry, and weakening consumer appetite for luxury watches contributed to the group's performance in the latest financial year," it said.
The board is recommending a dividend of two Singapore cents per share for FY2017.