The Hour Glass clocks 7% rise in Q3 net profit to $14.8 million

SINGAPORE - Luxury watch retailer The Hour Glass reported on Wednesday a 7 per cent increase in third quarter net profit to $14.8 million.

Revenue inched up 4 per cent to $186.5 million for the three months to Dec 31.

Gross margin was marginally higher at 23.2 per cent, despite a more competitive retail landscape.

The company said: 'The recent de-pegging of the Swiss franc from the Euro and regional currency fluctuations will impact consumer sentiment and the demand for luxury watches and goods.

"Barring any unforeseen circumstances, the group expects to remain profitable for the financial year."

Earnings per share for the quarter was up 2.1 cents from 1.96 cents previously, while net asset value per share fell to 54 cents as at Dec 31, down from $1.56 as at March 31 last year.

The firm noted that the lower net asset value per share was owing to the enlarged share capital, from the sub-division of every one existing share into three shares during the current financial period.

Taking this into account, the net asset value would have been two cents higher compared to 52 cents as at Mar 31 last year.