Time Watch, which owns the PRC's top-selling watch brand "Tian Wang (天王表)", said its net profit for 9MFY2010 rose 20.3% to HK$79.7 million from HK$66.2 million in the same period a year ago. The figure exceed the net profit of HK$79.3 million recorded for the financial year ended 30 June 2009 ("FY2009").
Driven by the strong PRC economy - which continues to boost consumer confidence levels - and contributions from the Group's expanding retail business, Group revenue for 9MFY2010 rose 27.3% y-o-y to HK$1.1 billion from HK$847.1 million a year ago.
The Group increased its Points of Sale ("POS") to 1,009 as at end-March, ahead of its target of 1,000 stores by end-June 2010. It also benefited from contributions of its Hong Kong retail outlet which accounted for 26% of Group revenue.
Fully diluted earnings per share rose to 16.18 Hong Kong cents for 9MFY2010 from 12.85 cents in 9MFY2009. Net asset value per ordinary share rose to 106.46 Hong Kong cents as at 31 March 2010 from 91.5 cents as at 30 June 2009.
The Group continues to maintain a prudent financial position. As at 31 March 2010, the Group's cash and bank balances stood at approximately HK$123.7 million.