Time Watch Investments has issued an alert saying it expects a “substantial” increase in profit attributable to the owners of the company for the six months to the end of December – further evidence that Hong Kong’s struggling watch market is regaining lost ground.

It says the increase will probably be not less than 40 per cent compared to the same period in 2016.

E-commerce channels particularly helped boost revenue, says Time Watch, with the profit boost primarily attributable to a substantial increase in revenue from its Tian Wang Watch business segment, which makes, trades and retails its own-brand watches.

The group says losses in the global distribution of owned and licensed international brands decreased substantially.

Chairman/executive director Tung Moon Ming says the alert is based only on a preliminary assessment by the board, with interim results to be published later.