Richemont H1 Net Profit Surges With Higher Revenues

(RTTNews) - Compagnie Financiere Richemont AG (CFRUY, CFRHF), a Swiss luxury goods company, reported Friday significantly higher profit in its first half, mainly reflecting the absence of prior year's hefty loss from discontinued operations. Revenues also were higher than last year.

In the first half, profit attributable to owners of the parent company surged to 1.81 billion euros from last year's 458 million euros. Earnings per share were 3.078 euros, up from 0.779 euro a year ago.

On a continuing operations basis, profit grew to 1.796 billion euros from 1.731 billion euros a year earlier. Earnings per share from continuing operations increased to 3.049 euros from 2.943 euros last year.

Revenue increased 5 percent to 10.619 billion euros from prior year's 10.077 billion euros. Group sales climbed 10 percent at constant rates.

The company noted that all regions recorded double-digits growth in the second quarter at constant rates, led by sustained local demand.

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