The Hour Glass profits drops 14 per cent

Nov 14, 2016Updated Nov 13, 20161 min read

Citing challenging business conditions and weakening consumer confidence, luxury-watch retailer The Hour Glass reports that its net profit for the second quarter ended September 30 fell 14 per cent year-on-year to S$8.32 million (US$5.88 million).

Revenue declined 7 per cent to S$163.11 million for the period.

For the six months to September 30, The Hour Glass profit slumped 18 per cent to $16.51 million and revenue was down 7 per cent at $311.3 million.

The group says the death of the King of Thailand will have an impact on the performance of the group’s Thai associates as the country enters a prolonged period of mourning.

While the retailer believes market conditions will continue to be challenging, it expects to remain profitable for the rest of the financial year.

Tags

About the author

Mei Ling Tan

Contributor · RetailNews.asia

Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

Asia's retail intelligence, in your inbox