Hard times for Tic Tac International

Watch retailer Tic Tac International Holdings Company is expecting a material consolidated loss for the year ended April 30, it says in a warning to shareholders and potential investors.

It says the loss, based on a preliminary review of its latest financial information, is mainly attributable to less revenue and a decrease in gross profit, as well as an increase in the provision for impairment on property, plant and equipment, which the directors believe results from continual weakened local consumption sentiment plus fewer watches being bought by tourists in Hong Kong.

The company is still finalising its audited consolidated annual results, and detailed financial information and group performance is expected to be published before the end of next month.

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