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Hour Glass FY2015 net profit up 5%

Luxury watch retailer The Hour Glass on Wednesday posted a 5 per cent increase in net profit to S$57.9 million from S$54.9 million a year ago for its financial year ended March 31, 2015, outperforming a contracting regional luxury market.

Group revenue climbed 8 per cent year-on-year to S$734.9 million, up from S$682.8 million.

The group's performance was boosted by its emphasis on improving the quality of its retail network and merchandise mix, as well as "rigorous attention" to cost management, The Hour Glass said in a press release.

Gross margins were stable at 22.6 per cent, compared with 23 per cent a year ago.

The group did not provide a separate set of results for its fourth quarter.

Earnings per share worked out to 8.22 Singapore cents, up from 7.79 Singapore cents.

Shares of The Hour Glass closed unchanged at S$0.81 on Wednesday, before results were announced.

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