The Hour Glass ekes out 5% rise in full year earnings

Luxury watch retailer The Hour Glass reported on Wednesday a 5 per cent increase in full year net profit to $57.9 million -- PHOTO: SPH
Luxury watch retailer The Hour Glass reported on Wednesday a 5 per cent increase in full year net profit to $57.9 million -- PHOTO: SPH

SINGAPORE - Luxury watch retailer The Hour Glass reported on Wednesday a 5 per cent increase in full year net profit to $57.9 million.

Revenue rose 8 per cent to $734.9 million for the 12 months to March 31.

"These results were delivered against a backdrop of slower macroeconomic growth in Asia and a tapering of Mainland Chinese spending on luxury goods," the company said in a statement.

Gross margin was marginally lower at 22.6 per cent, compared with 23 per cent a year ago, but the company was pleased with the stability, saying that this was a testimony to the group's merchandising strategy".

Earnings per share for the quarter was 8.22 cents, up from 7.79 cents a year ago, while net asset value per share fell to 58 cents as at March 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 six cents higher compared to 52 cents as at March 31 last year.