SINGAPORE (Aug 11): Cortina Holdings, the retailer of luxury watches, announced 1Q18 earnings fell 9% to $3 million from $3.3 million a year ago.
Meanwhile, revenue remained relatively the same with a slight $100,000 increase in 1Q18 at $93.5 million, compared to $93.4 million in 1Q17.
Sales margin remained relatively stable at 23.1% for both quarters.
For 1Q18, the group reported finance costs of $520,000, 8% lower than $563,000 the same period last year, due to lower average borrowings.
As at June 30, cash and cash equivalents stood at $24.6 million, represented mainly by short-term cash balances.
In its outlook, Cortina says market conditions will remain competitive in all the markets that the group operates in.
Although the regional economy appears relatively stable, any uncertainty in political development may impact the group’s business.
Shares in Cortina closed at 78 cents on Friday.
