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Hour Glass' Q3 FY2016 profit slips 2% to S$14.5m
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.
Still, barring any unforeseen circumstances, the group said that it expects to remain profitable for the financial year.