Oriental Watch sales slide but profit rises on lower rents
Oriental Watch Holdings sold fewer watches in the six months to September, but at a higher margin, boosting profit by 39 per cent.
Group turnover decreased by 21.7 per cent to HK$1.181 billion compared with $1.508 billion during the same period last year.
Gross profit increased by 13.4 per cent to $288 million while gross profit margin increased to 24.4 per cent. Oriental Watch says rent negotiations contributed to lower overheads, helping profit attributable to shareholders rise 39.1 per cent to $64 million.
As at September 30, the group operated 62 retail stores in Greater China: 11 in Hong Kong, one in Macau, three in Taiwan and 47 in Mainland China.