Softer demand hits Hour Glass full-year bottom line

Singapore

THE Hour Glass posted a 10 per cent slide to S$52.32 million in net profit attributable to equity-holders for the full year ended March 31, 2016, as the luxury watch retailer's revenue fell amid softer consumer demand.

Revenue was 4 per cent lower at S$707.53 million as the business environment grew tougher, particularly in key markets Singapore and Hong Kong. Earnings per share fell to 7.42 Singapore cents, from 8.22 cents a year ago. During the year under review, total costs and expenses eased 3 per cent to S$653.61 million, helped by a 5 per cent decline in cost of goods sold to S$540.07 million.