Cortina Holdings Q3 profit falls 1.2% with flat revenue growth

WATCH retailer Cortina Holdings on Friday posted a 1.2 per cent slip in net profit for the third quarter, with flat growth in revenue.

Net profit for the three months ended Dec 31, 2015 stood at S$2.76 million, compared to S$2.79 million a year ago. Revenue growth was flat, at S$97.7 million.

"The outlook of global economy remains challenging for Asia's luxury market. As the Chinese economy slows down, the demand for luxury brands will shrink," said the retailer in its financial statement. But it expects to remain profitable for the current fiscal year.