The Hour Glass posts 19% rise in Q1 net profit to S$17.1m

LUXURY watch retailer The Hour Glass on Wednesday posted a net profit of S$17.1 million in the first quarter, up 19 per cent from the same period a year earlier.

Revenue in the three months ended June 30 was S$187.5 million, up 4 per cent from the same period a year earlier.

Gross margin improved to 26.6 per cent from 24.4 per cent in the first quarter last year.

Earnings per share was 2.42 Singapore cents, up from 2.03 Singapore cents in the first quarter last year.

Net asset value per share was S$0.82 as at June 30, up from S$0.79 as at March 31.

The Hour Glass said in its outlook statement: "Current global economic uncertainties may affect consumer sentiment and dampen spending on luxury goods."

The counter rose half a Singapore cent or 0.64 per cent to S$0.79 on Wednesday before the results were announced.