Cortina's Q3 profit down 8% at S$2.54m

CORTINA Holdings on Tuesday evening posted an 8 per cent dip in net profit to S$2.54 million for the third quarter ended Dec 31, 2016, despite a 4 per cent rise in revenue.

Revenue had increased to S$102.0 million, up from S$97.7 million a year ago.

Cortina said that operating expense, comprising staff cost, rental expense, depreciation and other expenses, rose 4.5 per cent, while operating expense for the nine-month period increased 2.2 per cent.

The higher operating expense was mainly due to higher rental expense resulting from the opening and expansion of outlets in Singapore.