BRUSSELS (dpa-AFX) - Compagnie Financiere Richemont AG (CFRUY.PK), a Swiss luxury goods company, reported that its profit attributable to owners of the parent company for the six-month period ended 30 September 2024 dropped to 458 million euros from 1.51 billion euros in the same period last year. Earnings per 'A' share were 0.779 euros compared to 2.601 euros in the previous year.
The latest quarter result included a 121 million euros increase in net finance costs. Net finance costs included foreign exchange losses of 422 million euros on monetary items, mitigated by gains of 135 million euros on the Group's hedging program.
Operating profit decreased to 2.21 billion euros from 2.66 billion euros in the previous year.
Revenues for the period declined to 10.08 billion euros from 10.22 billion euros in the prior year.
Sales from continuing operations for the six months ended 30 September 2024 were 1% below the prior-year period at actual exchange rates. Excluding the effects of foreign exchange rate movements, sales were stable compared to prior-year period.
The 2024 ordinary dividend of CHF 2.75 per share (1 'A' share/10 'B' shares) was paid to shareholders, net of withholding tax, in September.
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