SINGAPORE (May 26): Luxury watch retailer Cortina Holdings saw 4Q earnings plunge 79% to $1.4 million from $6.7 million in the same period last year as revenue fell 24% to $93.5 million amid a “challenging year for (the) luxury retail industry”.

This brought Cortina’s earnings in the financial year ended 31 March 2016 to $8.5 million, 49% lower than last year.

Revenue for the full year slipped 9% to $367.3 million, from $404.7 million in FY15.

Cortina said Thursday that the reduction in revenue and profit was mainly due to the “subdued global economy”.

The company says that while it expects to remain profitable, it expects the slowing trend to continue into FY17.

“However, planned investments will be ongoing and the Group remains cautious in reviewing future expansion and new opportunities,” Cortina said.

Cortina proposed a final dividend of 2.0 cents per ordinary share and a special dividend of 1.0 cents per ordinary share for FY16.

Cortina Holdings last closed at 77 cents.