By  on August 28, 2014

MILAN — Salvatore Ferragamo SpA’s net profit in the first half of the year dropped 3 percent, to 78 million euros, or $106.8 million, compared with 81 million euros, or $106.1 million, in the same period last year. However, if the capital gain derived from last year’s sale of the Florence-based firm’s stake in ZeFer to the Ermenegildo Zegna Group were excluded, profits would have increased 14 percent.

Net profit in the six months ended June 30 — including a minority interest of 4 million euros, or $5.4 million — reached 82 million euros, or $112.3 million, down 6 percent compared with the first half of last year but, excluding the capital gain, up 10 percent.

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