Watch retailer Cortina Holdings clocks in 15% rise in half-time net earnings

Luxury watch retailer Cortina Holdings has reported a 15.4 per cent jump in half year net profit to $8.5 million.

Revenue for the six months to Sept 30 was up 16.8 per cent at $193.7 million.

This was mainly due to the group's expansion in overseas markets with the opening of Patek Phillipe and Rolex boutiques in Kuala Lumpur, Malaysia and a multi-brand boutique in Ladphrao of Thailand.

Other credits increased significantly due to gain on disposal of investment properties.

Earnings per share rose to 5.2 cents from 4.5 cents previously while net asset value per share climbed to 79 cents compared to 77.1 cents as at March 31.

Looking ahead, Cortina said while the global economy remains uncertain, it will continue to be cautious in exploring new retail opportunities.

At the end of the financial year, it will open its first Audemars Piguet boutique in Central Embassy, Thailand.

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