The Hour Glass' H1 profit rises 7%

The Hour Glass shares closed 0.5 cent lower at 66.5 cents.
The Hour Glass shares closed 0.5 cent lower at 66.5 cents.PHOTO: THE HOUR GLASS

SINGAPORE - Luxury watch retailer The Hour Glass announced on Tuesday (Nov 7) that its first-half net profit for the 2018 fiscal year rose 7 per cent to S$18 million on the back of higher revenue.

For the six months ended Sept 30, earnings per share stood at 1.52 cents, up from 1.18 cents in the same period last year.

First half-year revenue increased 8 per cent to S$337.4 million.

The company said that improved consumer sentiment in selective markets in the region, and the pick-up in overall economic activity in key markets contributed to the group's gains, suggesting that luxury brands "still have room for growth despite current challenging business conditions".

Mr Michael Tay, co-group managing director, The Hour Glass said: "The underlying economic mood turned positive in the past few months and this contributed to improved performance for the group.

He added: "While it is hard to predict sustainable trends in a market that can be prone to swift changes, we continue to remain agile and vigilant in ensuring that we stand ready to meet the new demands of our business."

Looking ahead, The Hour Glass said that it is mindful that the global watch sector continues to remain challenging.

It will continue operating its 40 boutiques in nine cities throughout the Asia-Pacific region while improving its retail network and merchandising portfolio.

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

The Hour Glass shares closed 0.5 cent lower at 66.5 cents.