Time keeping

My mate Sharon is always late. Over the 12 or so years I've known him, I don't think he's been on time once. Recently, however, he's got a new watch. The problem is it's an unreliable watch. This one loses exactly 24 minutes every hour. It is now showing 3:00am and he knows that it was correct at midnight, when he set it. The watch stopped 1 hour ago and he wants to know what is the correct time now?