The Hour Glass profits drops 14 per cent
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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.
Questions & Answers
Q.What is the net profit for The Hour Glass for the second quarter?
What is the net profit for The Hour Glass for the second quarter?
The net profit for the second quarter ended September 30 was S$8.32 million (US$5.88 million). This represents a 14 per cent fall year-on-year for the luxury-watch retailer.
Q.What factors did The Hour Glass cite for its profit decline?
What factors did The Hour Glass cite for its profit decline?
The company cited challenging business conditions and weakening consumer confidence as reasons for the drop in profits. These conditions contributed to a 14 per cent fall in net profit for the second quarter.
Q.How did The Hour Glass's revenue perform for the six months to September 30?
How did The Hour Glass's revenue perform for the six months to September 30?
For the six months to September 30, The Hour Glass's revenue was down 7 per cent, totaling $311.3 million. This reflects a similar decline to the second quarter's revenue performance.
Q.What future impact does the group foresee regarding its Thai operations?
What future impact does the group foresee regarding its Thai operations?
The group anticipates the death of the King of Thailand will impact its Thai associates' performance. This is due to the country entering a prolonged period of mourning, which could affect business operations there.