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SINGAPORE: Luxury watch retailer Cortina Holdings has posted a profit warning after losing S$7.9 million worth of timepieces from its Raffles City outlet.
In a filing with the Singapore Exchange, the company said the theft occurred after the store closed on Christmas Day and before it reopened on December 26.
Police are investigating the incident.
Cortina said assuming a total loss of the S$7.9 million, the net tangible assets for the year ending March 2009 could be down by 4.8 Singapore cents per share.
Earnings per share is also expected to drop by 3.5 cents.
The company said it has taken steps to tighten security measures at all retail outlets and is conducting a comprehensive review of its security procedures.
The management is also in discussions with its insurers on the loss arising from the theft.
Cortina shares, which were halted from trading at the company's request on Friday afternoon, last traded at 26 cents.
- CNA/yt
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