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Cortina raises dividend as Q4 net profit rises 4 per cent to S$8.1 million

LUXURY watch retailer Cortina Holdings has posted a net profit of S$8.1 million in the fourth quarter, up 4 per cent from the same period a year earlier on higher sales margins.

Revenue for the three months ended March 31 fell 8 per cent to S$121.6 million, due to store closures in Singapore, Malaysia and Thailand. 

Cortina's fourth-quarter sales margin increased to 26.4 per cent, up from 23.4 per cent in the same period a year earlier. 

Full-year net profit was S$29.2 million, up 31 per cent from the same period a year earlier. Revenue for the full year was S$460.8 million, a fall of one per cent.

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Full-year earnings per share was 17.7 Singapore cents, up from 13.5 Singapore cents in the year before.

A final dividend of two Singapore cents per share was proposed, unchanged from last year.

Cortina has also proposed a special dividend of 3.5 Singapore cents per share, up from 2.5 Singapore cents per share in the same period a year earlier.

Net asset value per share was 120.6 Singapore cents as at March 31, up from 107.7 Singapore cents as at March 31, 2018.

Cortina said that the global economy remains uncertain and will continue to pose challenges to the group: "On the other hand, the purchasing power of the regional consumers continues to rise. The group will continue to review and fine tune its strategies and adapt to the changes and emerging trends in the industry and in the markets that it operates in."

Cortina shares rose five Singapore cents or 4.39 per cent to S$1.19 on Friday before results were posted after trading hours.

Cortina also appointed lawyer Chuang Keng Chiew as an independent director on Friday.