Home / Knowledge / News / Fashion / Sincere Watch net profit surges to HK$50.9 mn
Sincere Watch net profit surges to HK$50.9 mn
15
Feb '08
Sincere Watch (Hong Kong) Limited the world premier watch specialist posted a record performance for the nine months ending Dec 31, 2007.

The Group's nine-month sales performance of HK$574.7 million has exceeded the Group's sales for the whole of FY2007 while its net profit more than tripled to HK$50.9 million.

The Group's improved average gross margins rose from 28.5% for the nine months ending 31 December 2006 to 30.8% in the current period. As a result, gross profit grew 79.3% to HK$177.2 million, up from HK$98.9 million.

The Group's earnings per share more than tripled during the period as it rose from HK 4.0 cents to HK 12.5 cents. Net asset value grew from HK 52 cents as at 31 March 2007 to HK 58.5 cents as at 31 December 2007 as the Group strengthened its working capital position with significant improvement in its cash position.

As demand for the company's timepieces grew, the company increased its marketing activities and expanded its distribution network and boutiques across the North Asia region.

Capital investments were made on new boutiques during the period. These boutiques included those at the Ocean Terminal in Kowloon, Shin Kong Place in Beijing, Plaza 66 in Shanghai and the Venetian Casino and Resort, Macao.

In addition, the company's flagship Franck Muller boutique at Central, Hong Kong, was considerably enlarged and refurbished.

Executive Vice-Chairman of Sincere Watch (Hong Kong) Limited, Mr Kevin Chau said, "The strong set of results is a reflection of the buoyant economy in Hong Kong and the increasing number of high-income visitors from China which is now one of the most vibrant economies in the world.


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