LVMH profits rise under new accounting rules

31st March 2005, Comments 0 comments

PARIS, March 31 (AFP) - Luxury goods group LVMH raised net profits last year by 18.0 percent to EUR 1.2 billion (USD 1.55 billion) but operating profit fell by about 2.0 percent under new accounting rules, the company said on Thursday.

PARIS, March 31 (AFP) - Luxury goods group LVMH raised net profits last year by 18.0 percent to EUR 1.2 billion (USD 1.55 billion) but operating profit fell by about 2.0 percent under new accounting rules, the company said on Thursday.

Operating profit totalled EUR 2.372 billion after adoption of international accounting rules knows as IFRS.

The rise in the net figure reflected removal of amounts for the writing-off of goodwill and other charges associated with acquisitions.

Net debt rose by 5.0 percent, and shareholders' funds fell by 5.0 percent to EUR 8.7 billion, compared with the figure that would have appeared under French accounting rules.

LVMH Moet Hennessy Louis Vuitton is reporting under the new standards from the first quarter of this year.

© AFP

Subject: French News

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