Hour Glass' Q3 FY2016 profit slips 2% to S$14.5m
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THE Hour Glass on Tuesday reported a marginal 2 per cent slip in net profit to S$14.5 million, for the third quarter ended Dec 31, 2015.
Revenue for Q3 FY2016 was flat at S$186.4 million, while other operating expenses surged 74 per cent to S$4.4 million.
Said the watch retailer: "Operating expenses were higher due to the group's expanded retail network and a further S$2 million donation made to commemorate the celebration of Singapore's 50th anniversary."
Earnings per share stood at 2.06 Singapore cents - lower than the 2.1 Singapore cents declared in Q3 FY2015.
No dividend was declared.
As for its 12-month outlook, The Hour Glass said that headwinds in the global economy are expected to dampen consumer sentiment and the demand for luxury goods, including watches.
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Still, barring any unforeseen circumstances, the group said that it expects to remain profitable for the financial year.
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