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Hour Glass reports 29% rise in 3Q19 earnings to $18.3 mil on higher sales and other income

PC Lee
PC Lee • 1 min read
Hour Glass reports 29% rise in 3Q19 earnings to $18.3 mil on higher sales and other income
SINGAPORE (Feb 14): Retailer of luxury watches The Hour Glass reported a 29% rise in 3Q19 earnings ended Dec to $18.3 million from a year ago.
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SINGAPORE (Feb 14): Retailer of luxury watches The Hour Glass reported a 29% rise in 3Q19 earnings ended Dec to $18.3 million from a year ago.

Revenue rose 3% to $188.9 million while other income rose 23% to $1.48 million. Gross margin was also higher at 26.7% compared to 24.6% a year ago.

Profit after tax came in at $18.6 million, 29% higher compared to the $14.4 million achieved in 3Q18.

For the 9M ended Dec, group revenue increased 5% to $544.3 million with gross margin at 25.5%.

9M share of results of associates improved with higher contributions from Thailand. Group profit after tax increased 44% to $46.8 million.

Hour Glass says global economic shifts continue to impair consumer sentiment. Barring any unforeseen circumstances, the Group expects to be profitable for the financial year.

Shares in Hour Glass closed 1.5 cents higher at 64 cents on Thursday.

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