The Hour Glass clocks up 24% rise in Q2 earnings to $11.7 million

Luxury watch retailer The Hour Glass reported a 24 per cent jump in second quarter net profit to $11.7 million. -- ST PHOTO: AZIZ HUSSIN
Luxury watch retailer The Hour Glass reported a 24 per cent jump in second quarter net profit to $11.7 million. -- ST PHOTO: AZIZ HUSSIN

SINGAPORE - Luxury watch retailer The Hour Glass reported a 24 per cent jump in second quarter net profit to $11.7 million.

Revenue inched up 3 per cent to $164.8 million for the three months to Sept 30.

Gross margin was maintained at 21.9 per cent, despite a more competitive retail landscape.

Operating expenses were lower due management's focus on controlling costs.

Earnings per share swelled to five cents from 4.02 cents previously while net asset value per share climbed to $1.58 compared to $1.56 as at March 31.

The Hour Glass expects to remain profitable for the full year.