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Richemont reports net profit drop of 35 percent
(MENAFN) Richemont confirmed that its annual net profit fell by more than a third due to losses on financial instruments, the Peninsula Qatar reported.
The world's second luxury goods group with brands like Cartier and Piaget reported net profit of USD1.4 billion, a drop of 35 percent from a year ealirer.
The drop was slightly less than the 36-percent decline Richemont signalled in a profit warning last month, but in line with the expectations of analysts polled by the AWP financial news agency.
The Geneva-based companyvhad warned in April of "non-cash, mark-to-market losses on financial instruments, which include monetary items and derivatives."
The world's second luxury goods group with brands like Cartier and Piaget reported net profit of USD1.4 billion, a drop of 35 percent from a year ealirer.
The drop was slightly less than the 36-percent decline Richemont signalled in a profit warning last month, but in line with the expectations of analysts polled by the AWP financial news agency.
The Geneva-based companyvhad warned in April of "non-cash, mark-to-market losses on financial instruments, which include monetary items and derivatives."
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