SINGAPORE (Feb 13): Luxury watch retailer Cortina Holdings saw its earnings jump 64% to $9.2 million for the 3Q19 ended December, from $5.6 million a year ago.
This was mainly due to an 11% decline in expenses from purchase of goods and consumables to $90.6 million, and a 37% drop in other expenses to $3.3 million.
3Q19 revenue inched 1% higher to $123.9 million, from $122.9 million a year ago.
As at end December, cash and cash equivalents stood at $40.0 million.
Earnings per share increased to 5.6 cents in 3Q19, compared to 3.4 cents a year ago.
Moving ahead, the group says it plans to revamp its current stores in the region to enhance customer experience.
While Cortina says market conditions are likely to remain competitive in all the markets the group operates in, it adds that it expects to remain profitable in FY19.
Shares in Cortina closed flat at $1.10 on Wednesday.
