Cortina Holdings Limited reported a 10.6% year-on-year rise in net profit to S$34.4 million for the six months ended Sept 30, 2025, as buoyant demand for luxury timepieces and accessories pushed revenue 13.5% higher to S$468.7 million.

For the half year, earnings per share improved to 18.4 Singapore cents from 16.8 cents a year earlier. Consistent with past practice, the board did not declare an interim dividend. The group had paid a final dividend of S$26.5 million in respect of the previous financial year; no interim payout was announced for the current period.

Performance was led by the retail division, where pre-tax profit (ORBT) climbed to S$45.3 million from S$41.4 million a year ago, underpinned by a 13% revenue increase to S$433.2 million. The wholesale arm contributed S$3.5 million of ORBT, marginally above last year’s S$3.4 million, on segment revenue of S$63.3 million (+3% YoY). By geography, Singapore remained the largest market with sales of S$191.1 million (+12%), followed by South-east Asia ex-Singapore at S$201.6 million (+13%).

Despite the top-line growth, the gross profit margin eased to 31.8% from 32.2% amid product-mix changes. Operating expenses rose 13.3% to S$102.2 million, reflecting higher staff costs, increased rental outlays and a 9% uptick in depreciation of right-of-use assets. Finance costs expanded 15% to S$3.4 million on higher borrowings.

Cash and cash equivalents stood at S$115.3 million at end-September, down from S$132.4 million six months earlier, as the company funded store expansion and lifted inventories to S$368.6 million (+6% since March). Net assets grew to S$466.5 million, while total loans and borrowings increased to S$71.2 million from S$61.9 million.

Management said it remains “cautiously optimistic” about sustaining profitability over the next 12 months, citing persistent macroeconomic uncertainties, a strong Swiss franc and elevated gold prices as key external headwinds. The group will continue to monitor currency movements and maintain disciplined inventory management as it pursues expansion plans across its core Asian markets.