MILAN — After achieving record results in 2010, Marcolin SpA has maintained the momentum, registering a 31.1 percent boost in net profits to 7.9 million euros, or $10.7 million, in the first quarter compared to 6 million euros, or $8.3 million, for the same period last year.
Revenues increased 12.3 percent to 64.6 million euros, or $87.8 million, thanks to further growth in the fashion and luxury segments as well as the introduction of the new Swarovski line.
Dollar figures are converted at average exchange rates for the periods to which they refer.
“Our target is to improve on the record results of 2010,” said the group’s chief executive officer and general manager Massimo Saracchi. “We are investing in innovative projects that will be carried out in the next few months and we anticipate seeing the initial results in 2012.”
Earnings before interest, taxes, depreciation and amortization jumped 49 percent to 14.1 million euros, or $19.1 million.
Geographically, Marcolin experienced growth in all regions, including a 42.8 percent increase in Asia, where Hong Kong, Korea and India were the top contributors. Strong growth was also seen in the United Arab Emirates, as well as a 13.2 percent uptick in the U.S., while several Mediterranean markets experienced downturns due to continuing economic difficulties.
The company was able to narrow its debt to 18.2 million euros, or $24.7 million, from 26.3 million euros, or $36.2 million.