The Hour Glass full-year net profit up 41% to S$70.43m
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Janice Heng
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THE Hour Glass saw net profit surge 41 per cent to S$70.43 million for the year ended March 31, up from S$49.82 million the year before, the luxury watch retailer announced after market close on Tuesday.
Revenue for the year was S$720.93 million, up 4 per cent from S$691.65 million the year before. Gross margins were 27 per cent, up from 24.2 per cent.
"After experiencing sluggish demand for some years, the trend for luxury watches in Asia picked up and stabilised during the course of FY2019," the company said.
Earnings per share was 9.99 Singapore cents, up 41 per cent from 7.07 cents the year before.
The Hour Glass has proposed a final dividend of three Singapore cents per ordinary share, up from two cents the year before.
The company warned that current global geopolitics and economics may dampen demand from watch buyers, but said that barring any unforeseen circumstances, it expects to be profitable for the next financial year.
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The Hour Glass shares closed unchanged at S$0.75 on Tuesday before the results release.
Copyright SPH Media. All rights reserved.
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