Cortina reports stronger bottom line for Q1

CORTINA'S net profit for the first quarter ended June 30 strengthened to S$3.29 million, up from S$1.42 million in the corresponding quarter a year earlier.

Revenue rose 13 per cent to S$93.4 million on the back of higher sales for the expanded outlets. Also, the negative impact when GST was first introduced in Malaysia last year has now worn off, Cortina said.

Earnings per share came to two cents per share, increasing from 0.9 cent per share in the corresponding quarter a year earlier.

Sales margin for the quarter improved by 1.1 per cent to 23.2 per cent, from the corresponding quarter last year.

Operating expenses comprising staff costs, rental expenses, depreciation and other expenses, reduced marginally by S$150,000. The higher operating expenses were mainly due to higher rental expenses and depreciation resulting from the opening and expansion of outlets in the region.

"Market conditions will remain competitive in all the markets that the group operates in," Cortina warned. "The state of the global economy will continue to have a bearing on the group's performance but nonetheless the group continues to expand its outlets strategically, such as the addition of a new Rolex boutique at Marina Square, Singapore, in the second quarter of the financial year."