Cortina posts 69% jump in Q1 net profit, flags competitive market ahead

LUXURY watch retailer Cortina Holdings on Wednesday announced an impressive showing for its fiscal first quarter, improving both its top- and bottom-lines substantially.

Revenue for the three months ended June 30 rose 20 per cent to S$125.5 million from S$104.5 million the year before. The group said its sales margin had increased to 26.6 per cent, compared to 24.5 per cent in the previous corresponding quarter.

Net profit for the period was up 69 per cent to S$8.9 million from S$5.3 million the year before. Earnings per share rose to 5.4 Singapore cents from 3.2 cents.

Looking ahead, however, Cortina warned that market conditions are expected to remain competitive in all the markets it operates in.

"The state of the global economy will continue to have a bearing on the group's performance. Barring unforeseen circumstances, the group expects to remain profitable," it said. It did not declare a dividend for the period.

Cortina shares closed unchanged at S$1.42 on Wednesday.