By  on March 7, 2014

MILAN — Safilo SpA on Wednesday reported a 40 percent drop in net profits in 2013, to 15.5 million euros, or $20.6 million, as one-off costs related to the company’s management succession plan, restructuring expenses and provisions for an audit by Italian tax authorities weighed on the bottom line. Excluding one-off costs, net profits for the full year would have been 39 million euros, or $52 million, up nearly 51 percent on 2012.

Dollar amounts have been converted at average exchange for the periods to which they refer.

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