Time Watch Investments facing profit fall

A “significant” decrease in profits is expected by Time Watch Investments for the six months ended December 31.
The watch manufacturer/retailer says several factors have contributed to the expected profit fall, based on a preliminary review of the group’s unaudited management accounts.
Firstly, the working environment of the watch market was less favourable in the geographical regions where the group has business, namely China, Hong Kong and the US. This led to costs and expenses increasing.
Other factors included the depreciation of renminbi, and a loss from the group’s global distribution segment for owned and licensed international brands of watches. Time Watch says it is taking time to build up the business after acquiring the design and distribution business of several watch brands in November 2015.
The group’s interim results for the six months will be announced later.

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