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Hour Glass Q1 net profit more than doubles to S$14.3m

LUXURY watch retailer The Hour Glass saw profit more than double to S$14.3 million for the fiscal first quarter ended June 30, up from S$7 million in the year-ago period, thanks to gross margin improving to 24.4 per cent from 21.2 per cent previously.

Revenue for the quarter was up 10 per cent to S$180.7 million from S$164.4 million, as sentiment improved in some markets in the region, said The Hour Glass in its results announcement after the market closed on Wednesday.

"The watch sector is experiencing better consumer sentiment which has led to improved overall business of the group. Barring any unforeseen circumstances, the group expects to be profitable for the financial year," it added.

Earnings per share for the quarter were 2.03 Singapore cents, compared to 0.99 Singapore cents for Q1 2017.

As at June 30, The Hour Glass's inventory stood at S$277.8 million. Cash and cash equivalents stood at S$188.0 million.

The Hour Glass shares closed up one Singapore cent or 1.55 per cent at 65.5 Singapore cents on Wednesday before the results announcement.

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