Safilo posts 76% drop in FY net profit on higher revaluations
14/03/2024 17:20
March 14 (Reuters) - Italian eyewear group Safilo
SFLG.MI said on Thursday its full-year adjusted net result
dropped by 76% on a yearly basis due to the accounting effect of
the valuations of options of non-controlling interests, as well
as higher financial charges tied to rising interest rates.
The firm, which makes eyewear for brands including Hugo Boss
and Tommy Hilfiger, posted an adjusted net profit of 14 million
euros ($15.24 million), while its adjusted core profit stood at
92 million euros, down 9.1% year on year.
"The adjusted net profit ... contracted, mainly due to the
revaluation of the options on minority interests," CEO Angelo
Trocchia said in a statement.
($1 = 0.9187 euros)
(Reporting by Enrico Sciacovelli, editing Kirsten Donovan)
((Enrico.Sciacovelli@thomsonreuters.com; +48587720309;))