GENEVA (dpa-AFX) - Swiss luxury goods group Compagnie Financiere Richemont AG (CFRUY.PK) reported that its profit from continuing operations for the financial year ended 31 March 2023 climbed to 3.91 billion euros from 2.45 billion euros in the prior year. The increase in profit for the year included a 527 million euros improvement in net finance costs which amounted to 314 million euros.
But profit for the year dropped to 301 million euros from last year's 2.08 billion euros, due to the 3.6 billion euros loss for the year from discontinued operations. This was primarily due to the 3.4 billion euros non-cash charge on the transfer of YNAP net assets to 'held for sale'.
Earnings per share was 0.543 euros compared to 3.611 euros last year.
Annual sales from continuing operations increasing by 19% at actual exchange rates and by 14% at constant exchange rates to 19.95 billion euros from the prior year.
The company said its board proposes to pay an ordinary dividend of 2.50 Swiss francs per A share (and CHF 0.25 per 'B' shares), up by 11% over the prior year as well as a special dividend of CHF 1.00 per 'A' share (and CHF 0.10 'B' shares).
Richemont said it will buy back up to 10 million 'A' shares, representing 1.7 % of the capital and 1.0 % of the voting rights of the company.
Richemont said that its Non-executive Directors Guillaume Pictet and Jean-Blaise Eckert will step down from the Board at the end of the current financial year, on 31 March 2024.
Clay Brendish and Maria Ramos will step down from the Board at the end of the next financial year ending on 31 March 2025.
In addition, Richemont announced the nomination of Fiona Druckenmiller for election to the Board of Directors. Her appointment as a Non-executive Director is subject to the approval of shareholders at the 2023 AGM due on 6 September 2023.
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