Cortina Holdings clocks up 11.3 per cent jump in full year earnings

SINGAPORE - Luxury watch retailer Cortina Holdings said its net profit rose by 11.3 per cent to $18.4 million.

This was on the back of a 13 per cent increase in revenue to $415.1 million for the year ended March 31.

Cortina said that higher sales were achieved but at the expense of lower margin.

It also reported a gain of $2.2 million from the disposal of investment properties.

The increase in revenue was largely due to the group's expansion in overseas markets with the opening of a Patek Philippe boutique and a Rolex boutique in Kuala Lumpur, Malaysia, a multibrand boutique at Ladprao of Thailand.

Earnings per share grew to 11.1 cents from 10 cents previously while net asset value per share swelled by 7.8 cents to 84.9 cents.

Looking ahead, Cortina noted the challenging and uncertain global economy and said it would continue to be cautious in exploring new retail opportunities to grow its presence in the regions as well as strengthening its existing network.

This month, the group added a new Audemars Piguet boutique in Central Embassy Shopping Center in Bangkok.

A new boutique will be opening in Capitol Building in the first half of 2015.

In Taiwan, the Patek Phillippe boutique at Taipei 101 will double in size in the last quarter of 2014.

The company proposed an unchanged final payout of three cents a share.

It expects to remain profitable this year, barring unforeseen circumstances.