MILAN – Damiani SpA reported a near 80 percent drop in first-quarter earnings after sales slumped in the jeweler's core market of Italy and revenues fell due to non-recurring items.
For the three months ended June 30, net profits declined to 2.1 million euros or $3.3 million. Excluding 7.6 million euros or $11.9 million of non-recurring revenues related to real estate operations reported in the first quarter of 2007, net profits dropped 40 percent from 3.5 million euros or $5.5 million.
Consolidated revenues decreased 22.3 percent to 39.2 million euros or $61.3 million.
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