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Safilo Group H1 profit climbs 99.5% YOY

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Safilo Group H1 profit climbs 99.5% YOY

Safilo Group S.p.A. said its first-half normalized net income came to 38 euro cents per share, an increase of 99.8% from 19 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €23.8 million, a gain of 99.5% from €11.9 million in the prior-year period.

Total revenue fell on an annual basis to €651.1 million from €674.9 million, and total operating expenses decreased from the prior-year period to €613.5 million from €631.8 million.

Reported net income grew 95.2% on an annual basis to €16.3 million, or 26 cents per share, from €8.3 million, or 13 cents per share.