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Cortina Holdings earnings surge 74% to $25.4 mil in 1HFY22

Felicia Tan
Felicia Tan11/11/2021 6:51 PM GMT+08  • 1 min read
Cortina Holdings earnings surge 74% to $25.4 mil in 1HFY22
The acquisition of Sincere Watch Limited Group in March 2021 also contributed to the higher revenue in the half-year period.
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Cortina Holdings reported earnings of $25.4 million for the 1HFY2022 ended September, 74% higher than earnings of $14.6 million in the same period the year before.

Earnings per share (EPS) for the half-year period stood at 15.4 cents from 8.8 cents in the 1HFY2021.


See: Cortina dominates sector awards; Challenger Technologies and Food Empire hold their own

Revenue for the 1HFY2022 surged 87% y-o-y to $324.6 million, mainly due to the easing of restrictions in Singapore and Thailand.

The acquisition of Sincere Watch Limited Group in March 2021 also contributed to the higher revenue in the half-year period.

1HFY2022 sales margin improved by 1.8 percentage points to 30.2%.

Operating expenses were up by 81.6% y-o-y to $63.9 million. The higher expenses were also due to the acquisition of Sincere Watch.

Cash and cash equivalents as at end-September stood at $160.2 million.

No dividend has been recommended for the period.

For more stories about where the money flows, click here for our Capital section

According to the group, it will continue to remain profitable barring unforeseen circumstances.

Shares in Cortina closed flat at $3.80 on Nov 11.

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