Richemont posts sharp jump in full-year earnings

19th May 2011, Comments 0 comments

Swiss luxury products group Richemont said on Thursday that its full-year net profit soared 79 percent to 1.1 billion euros ($1.6 billion), boosted by an 102 million euro accounting gain from its acquisition of website

Overall sales were up 33 percent, with Asia-Pacific leading growth, the group said in a statement detailing earnings for the year ending March 31, 2011.

Revenues in Asia-Pacific were up 48 percent at 2.57 billion euros, fast catching up with Europe, the region which traditionally posts the biggest revenues in absolute numbers.

In Europe, sales reached 2.59 billion euros, up 23 percent from a year ago.

The group issued a positive outlook for the rest of 2011, saying that sales in April were 32 percent up from the same month last year.

"In an environment currently marked by geopolitical unrest and currency instability, we hope that this positive trend will be confirmed in the coming months," said Richemont, which owns brands including Cartier, Jaeger-LeCoultre and Montblanc.

© 2011 AFP

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