SINGAPORE (May 22): The Hour Glass, the purveyor of luxury watches, announced FY18 earnings increased 2% to $49.8 million from $48.7 million in FY17.

Revenue for the FY18 ended March was 1% lower at $691.6 million from $696.1 million a year ago.

But gross margin for FY18 increased to 24.2% compared to 22.7% last year due to its on-going business reengineering that resulted in a notable improvement in the standards of its customer service delivery.

Other income more than halved to $3.23 million from $7.90 million in the previous year.

As at March 31, the group’s cash and cash equivalents stood at $180.5 million.

The group has recommended a first and final cash dividend of 2 cents per share, unchanged from a year ago.

Looking ahead, the group believes consumer sentiment is expected to stay at current levels. In addition, it will continue operating its 38 boutiques in ten key cities throughout the Asia Pacific region while working to improve its retail network, brand portfolio and customer engagement and experience.

Barring any unforeseen circumstances, the group expects to remain profitable in FY19.

Shares in Hour Glass closed at 66 cents on Tuesday.

The Hour Glass sees FY18 earnings rise 2% to $49.8 mil on better margins

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The Hour Glass sees FY18 earnings rise 2% to $49.8 mil on better margins

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