ON CHRISTMAS day last week, a theft involving timepieces valued at about $7.9m was committed at the Cortina Watch outlet in Raffles City.

The watch company believes that the theft was committed after business closed on Dec 25 and they only discovered the losses on the Dec 26.

VIDEO Cortina watch theft at Raffles City (1:20)

A police report has been made and the case currrently under police investigation.

Following the reported incident, the management has swiftly taken steps to tighten security measures at all its retail outlets.

The Board is also taking steps to conduct a comprehensive review of the Group's security procedures and recommend measures for improvement.

In the meantime, the management is in discussions with its insurers on the loss to the Group arising from the incident.

The incident will have an adverse impact on the Group results for the financial year ending 31st March 2009.

Assuming a maximum loss of $7.9 million, the net tangible asset value per share and earnings per share of the Group would be reduced by 4.8 cents and 3.5 cents respectively.