The Hour Glass net profit falls 2% in Q3

SINGAPORE - Luxury watch retailer The Hour Glass has posted a third quarter net profit of S$14.5 million, down 2 per cent from the same period a year ago.

Revenue in the three months to Dec 31 was flat at S$186.4 million.

Operating expenses were higher due to the group's expanded retail network and a further S$2 million donation made to commemorate the celebration of Singapore's 50th anniversary, The Hour Glass said in a statement to shareholders after market close on Tuesday (Feb 2). Third quarter earnings per share stood at 2.06 cents, down from 2.10 cents a year ago.

Net asset value per share was 60 cents as at Dec 31, up from 58 cents as at March 31 last year.

"Headwinds in the global economy are expected to dampen consumer sentiment and the demand for luxury goods, including watches," The Hour Glass also said.

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

marilee@sph.com.sg