SINGAPORE: Luxury watch retailer The Hour Glass on Thursday unveiled record earnings. Its full year net profit jumped 62 per cent to S$31.5 million.

The strong results were driven by robust regional economies and exceptional strong sales in its Singapore market.

The company's revenue rose 20 per cent to about S$488 million.

But looking ahead, the firm expects to be affected by slower consumer spending and softer discretionary spending.

Executive director Michael Tay said the company is seeking to enhance its boutique network over the next three years.

The Hour Glass will invest about S$25 million in both capital expenditure and increasing working capital in the next 12 months.

The board has proposed a final dividend of S$0.02 a share. - CNA/ac