Luxury watch retailer The Hour Glass has reported earnings of $62.6 million for the half year ended Sept 30, up 110% y-o-y. Revenue in the same period was up 62% y-o-y to $477.5 million.
The company was able achieve much better gross margins of 29.3% for the period, versus 26.2% in 1HFY21.
See: Cheng family raises stake in Wing Tai; funds sell PLife REIT and The Hour Glass
“The COVID-19 pandemic continues to cause periodic disruptions to social and business activities,” notes the company in its earnings commentary.
“However, consumer sentiment within the watch industry remains positive. With the present momentum, the group expects to continue to be profitable in 2H FY2022, and for the full financial year.”
Its cash and equivalents as at Sept 30 was $246.8 million, versus $206.9 million as at Sept 30 2020.
See also: ESR plans to simplify business, "evaluate" Cromwell, monetise sub-scale REITs
As at Sept 30 2021, its net asset value was 0.98 cents per share, versus 0.97 cents per share as at March 31.
For more stories about where the money flows, click here for our Capital section
The company is maintaining its interim dividend of two cents per share – same as this time last year.
The Hour Glass shares last traded at $1.93, up 138.27% year to date.
