By
Reuters
Published
Mar 16, 2024
Italian eyewear group Safilo said on Thursday its full-year adjusted net result dropped by 76% on a yearly basis due to the accounting effect of the valuations of options of non-controlling interests, as well as higher financial charges tied to rising interest rates.
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The firm, which makes eyewear for brands including Hugo Boss and Tommy Hilfiger, posted an adjusted net profit of 14 million euros ($15.24 million), while its adjusted core profit stood at 92 million euros, down 9.1% year on year.
“The adjusted net profit … contracted, mainly due to the revaluation of the options on minority interests,” CEO Angelo Trocchia said in a statement.
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