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The Hour Glass Q2 results hit by weaker consumer confidence
AMID challenging business conditions and weakening consumer confidence, luxury-watch retailer The Hour Glass's net profit for the second quarter ended Sept 30 fell 14 per cent year on year to S$8.32 million.
Revenue declined 7 per cent to S$163.11 million due to softer consumer sentiment, while earnings per share came to 1.18 Singapore cents, down from 1.37 Singapore cents a year ago.
For the six months ended Sept 30, net profit slumped 18 per cent to S$16.51 million and revenue was down 7 per cent at S$311.3 million.
"The recent passing of Thailand's King will have an impact on the performance of the group's Thai associates as the country enters a prolonged period of mourning, curtailing luxury consumption," the group said. "Looking ahead, The Hour Glass continues to observe that current market conditions are likely to remain challenging."
However, the group expects to remain profitable for the remainder of the financial year.