Watch retailer Cortina C41 Holdings has reported a profit after tax of $31.1 million for 1HFY2025 ended September, down 8.6% y-o-y from the same period last year.
This came on the back of higher operating expenses for the period, which increased by 9.3% y-o-y to $90.2 million, due to higher rental expenses and increased depreciation costs, including both property, plant and equipment and right-of-use-assets depreciation.
Earnings per share stood at 16.8 cents, as compared to 18.7 cents in 1HFY2024.
Meanwhile, the group’s revenue rose by 5.5% y-o-y at $413 million, while gross profit margin saw a slight decline to 32.2% in 1HFY2025, as compared to 33.3% in the same period last year.
The group says it has maintained a healthy balance sheet, with total equity stood at $418.3 million, up from $406.2 million as at the end of FY2024.
As at Sept 30, cash and cash equivalents was at $79.4 million, down from $116.2 million as at end-FY2024.
See also: Marco Polo Marine reports lower 2HFY2024 earnings of $10.7 mil, down 42% y-o-y
For the period, the group’s bank borrowings increased by $13.4 million, and other liabilities increased by $8.4 million due to the rise in customer deposits.
Looking ahead, the group says its expects to remain profitable in the coming year amid headwinds from an uncertain global economic outlook, which may negatively affect consumer sentiment.
Shares in Cortina Holdings closed flat at $2.80 on Nov 12.
