Fashion and lifestyle group FJ Benjamin Holdings posted a 68 per cent year-on-year drop in net profit to $4.4 million for the full financial year on Monday.
Revenue for the 12 months ended June 30 slid 5 per cent from the preceding year to $373.4 million.
The firm pointed to a decline in sales for its timepiece business in North Asia due to slower economic growth in China and weak tourist spending.
It added in a statement: "In Singapore, the retail environment was sluggish and competition intensified as retailers actively engaged in markdowns to clear inventory in an environment of escalating rent and labour costs."
Earnings per share for the full year fell to 0.78 cent, down from 2.44 cents the preceding year.
Net asset value per share was 23.09 cents as at June 30 this year, slightly lower than 23.55 cents as at June 30 last year.