Cortina Holdings H1 net profit up 49% on higher revenue
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Raphael Lim
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LUXURY watch retailer Cortina Holdings on Friday (Nov 11) reported a 49 per cent jump in net profit for its first half, on the back of higher revenue.
Net profit for the six months ended Sep 30, 2022, rose to S$37.9 million from S$25.4 million in the year-ago period. On a per share basis, this represented an increase in earnings to S$0.229 from S$0.154 a year earlier.
Cortina Holdings said the better profit came from higher revenue and better sales margin.
Revenue for the first half rose to S$406.9 million, up 25.3 per cent from the corresponding period a year earlier. Its sales margin also improved to 32.7 per cent in the first half, compared to 30.2 per cent in the prior year period.
The group said it is proceeding with plans for both Cortina and Sincere to “achieve significant growth”.
“We aim to grow our customer base and improve our customer experience. Cortina will expand in Malaysia within the next 12 months and revitalise the quality of our customer experience in their land,” Cortina Holdings said.
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It added that it has revived the Sincere Haute Horlogerie concept in Singapore, and plans are underway to expand this to Thailand.
Cortina Holding’s net asset value per share rose to S$1.977 as at Sep 30, 2022, from S$1.90 at the end of its financial year in March 2022.
No dividend was declared, unchanged from a year ago, as it is not its practice to declare interim dividends.
Cortina Holdings shares closed unchanged at S$4 on Friday, before the results.
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