Cortina

Cortina

Postby millionairemind » Thu Nov 13, 2008 9:12 pm

November 13, 2008, 5.59 pm (Singapore time)

Cortina's H109 net profit jumps 80%

By JAMIE LEE

Luxury watch retailer Cortina Holdings on Thursday posted a 79.9 per cent jump in half-year net profit to S$5.29 million on higher sales despite the economic downturn.

Revenue for the six months ended September rose 10.3 per cent to S$114 million from S$104 million a year earlier.


'The coming period will see greater challenges in view of the global economy crisis,' the company said in its financial statement. 'As part of its ongoing growth plan, the group has already lined up further expansionary moves for the rest of the year and in the year to follow,' it added.

Cortina said a multi-brand store in Penang Guerney Plaza will open in December, while the early part of next year will see the addition of a Patek Phillipe boutique and a multi-brand store at Ion Orchard.

No dividend was declared for the period.
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Re: Cortina

Postby millionairemind » Mon Dec 29, 2008 9:26 pm

No Alarm system linked to Cisco??? No security guards at Raffles City??? hmm...

December 29, 2008, 7.04 pm (Singapore time)

Cortina issues profit warning after thief makes off with $7.9m timepieces

By ANGELA TAN

SINGAPORE - Cortina Holdings Limited on Monday made a profit warning after a thief made off with timepieces worth a net cost of $7.9 million (US$5.5 million) from its Raffles City retail outlet over the Christmas period.

The theft is believed to have taken place after the closure of business on Dec 25 2008 and before the opening of the store on the following day.

A police report has been made and the theft is currently under police investigations.

Cortina said the incident will have an adverse impact on the group results for the financial year ending March 31 2009.

Assuming a maximum loss of $7.9 million and based on the audited balance sheet and full year results as at March 31 2008, the net tangible asset value per share and earnings per share of the group would be reduced by 4.8 cents and 3.5 cents respectively.

The board wishes to assure shareholders that the group's cash position remains healthy and business is ongoing at all the group's retail outlets.

Following the reported incident, the management has swiftly taken steps to tighten security measures at all its retail outlets.

The board is taking steps to conduct a comprehensive review of the group's security procedures and recommend measures for improvement.

In the meantime, the management is in discussions with its insurers on the loss to the group arising from the incident.
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Re: Cortina

Postby iam802 » Mon Dec 29, 2008 9:28 pm

hmm..I thought they normally keep the watch in some room at the back.
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Re: Cortina

Postby helios » Mon Dec 29, 2008 9:31 pm

a strange report in this time now.

i know of people setting fire at their own backyards to claim insurance compensation ... ...
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Re: Cortina

Postby helios » Wed Mar 18, 2009 8:40 am

the thief is caught!!

insider ...
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Re: Cortina

Postby LenaHuat » Wed Mar 18, 2009 8:57 am

Hi SanSan :D
No, he surrendered himself to the Singapore embassy. Yo, difficult to rid himself of the ex bounty in these difficult times and certainly in BKK if he has no contraband contacts. Serve him right anyway.
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Re: Cortina

Postby Musicwhiz » Wed Mar 18, 2009 9:51 am

Why did he surrender himself ? Seems weird.

He can just hide for the rest of his life and never come back, even if not rich at least he has his freedom.

Or maybe I'm not thinking like a criminal....... :lol:
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Re: Cortina

Postby financecaptain » Wed Mar 18, 2009 10:02 am

Another pssibility is blackmail by local undreground society.
Worst situation to be in is being pursued by both the "white" (police) and "black".
Many of these people who fred with lots of money from white coller crime face this problem.
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Re: Cortina

Postby Poles » Wed Mar 18, 2009 10:26 am

financecaptain wrote:Another pssibility is blackmail by local undreground society.
Worst situation to be in is being pursued by both the "white" (police) and "black".
Many of these people who fred with lots of money from white coller crime face this problem.



and also he is much safer in SG prisons.
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Re: Cortina

Postby Poles » Wed Mar 18, 2009 10:28 am

than on the streets of Bkk..........knn carry so many watches......how to run.....
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