The Hour Glass Group, one of Asia’s leading luxury watch retailers, says it registered a 4% rise in revenues to $232.9 million for half year ended 30 September 2010 (1H FY2011).

Profit after tax for the first half year increased 38% to $16.0 million and earnings per share was 6.67 cents for the half year ended 30 September 2010 (1H FY2011).

The group said these gains were achieved by its enlarged multi-brand retail network in Singapore and improving contributions from its key brands. During the current period, the Group also recorded a positive net fair valuation adjustment of S$2.6 million arising from the change in use of a property in Hong Kong.

Gross profit margins edged higher to 20.5%.

Michael Tay, Executive Director of The Hour Glass, says: “There has been an improvement in sentiment with most economic indicators continuing to point to future growth. We believe the top end of the luxury segment in Asia to be the prime beneficiary.”

As at 30 September 2010, the group’s balance sheet remains robust with consolidated net assets of $222.1 million and cash and cash equivalents of $34.1 million.