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The Hour Glass reports lower net profit of $157.6 mil for FY2024, after change in New Zealand's tax regulation

Michael Tay, group managing director said that the FY2024 results reflect a cooling-off period in the high-end watch industry.

Luxury watch retailer The Hour Glass Ags has announced a lower net profit of $157.6 million for the FY2024 ended March 31, 2024, a 10% decline from the same period a year ago.

The group’s profit before tax fell 7% y-o-y to $204.6 million for the full year due to higher operating costs from marketing expenses and a strong Singapore dollar, which dampened earnings, the group said.

Meanwhile, a change in New Zealand’s tax regulations resulted in the group incurring a one-off deferred tax charge of $4.7 million, resulting in the net profit of $157.6 million.

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The watch specialist recorded a revenue of $1.13 billion for the full year, a 1% y-o-y increase from the same period a year ago.

As such, the board recommends a final dividend of 6 cents for the FY2024, as compared to 2 cents for the interim for FY2024.

The group’s balance sheet stood at net assets of $848.4 million and cash and bank balances at $237.6 million.

Michael Tay, the group managing director of The Hour Glass said that the company’s FY2024 results reflect a cooling off period in the high-end watch industry.

“There has been a significant shift in the global macro landscape this past year resulting in the collectible and luxury watch markets finding a new equilibrium. Challenging as it may be, we believe that this is clearly a positive for the sustainability of the overall sector,” he says.

Shares in The Hour Glass closed 1 cent higher of 0.625% up at $1.61 on May 28.

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