SINGAPORE (Feb 14): Luxury watch retailer Cortina Holdings posted an 8% fall in 3Q earnings to $2.54 million.
Revenue for the three months to Dec increased 4% to $102.0 million from $97.7 million a year ago.
Operating expense, comprising staff cost, rental expense, depreciation and other expenses, rose 4.5% or $795,000.
The higher operating expense was mainly due to higher rental expense resulting from the opening and expansion of outlets in Singapore.
Cortina said the group expects market conditions to remain competitive in all the markets it operates in.
However, the growing affluence in the regional countries may help to spur growth for the group, it added.
Shares of Cortina last traded at 75 cents.
