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Photo from Cortina's official website
Cortina's profit falls 20% to $61.1m on higher costs, exchange rates
With lower profits, the company reported a profit per share of $0.369.
Singapore-based luxury watch retailer Cortina reported a profit of $61.1m in FY23, down 20% YoY.
The retailer attributed its lower profits to “unfavourable exchange rate movements and increase in rental and renovation expenses due to major expansions in Singapore, Malaysia, Thailand and Hong Kong.”
Cortina also reported a 1.9% YoY lower revenue of $811.0m in FY24 due to macroeconomic conditions.
With contractions in revenue and profits, the company reported a lower profit per share of $0.369.
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