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Hour Glass Q1 profit down 15% on one-time relocation expense in Australia
WATCH retailer Hour Glass on Monday reported a 15 per cent fall in net profit for the first fiscal quarter.
Net profit for the three months ended June 30, 2017 stood at S$6.98 million, compared with S$8.19 million a year ago.
Revenue rose 11 per cent to S$164 million, reflecting improved consumer sentiment in selective markets in the region. But operating expenses were higher as it included a one-time relocation expense of S$1.5 million incurred by The Hour Glass Australia.
"The global watch sector continues to remain challenging. Barring any unforeseen circumstances, the group expects to be profitable for the financial year."