The Hour Glass's profit after tax drops 10% to $157.6m in FY24

New Zealand’s tax changes impacted profit.

Specialist watch retailer The Hour Glass saw its profit after tax (PAT) decline 10% YoY to $157.6m in FY24.

In a bourse filing, the retailer said the one-off deferred tax charge of $4.7m incurred due to a change in New Zealand’s tax regulations impacted its profit after tax.

Lower PAT resulted in a 9% YoY decline in profit attributable to company owners, which amounted to $156.5m.

With lower profits, the company declared earnings per share (EPS) of $0.2387, 8% lower than the $0.2591 record in FY23.

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