MARZOTTO NET LEAPS 54.7%
MILAN — Marzotto reported net profit in the first half rose 54.7 percent to $13.1 million (22.9 billion lire) as sales rose 20 percent to $686.8 million (1.2 trillion lire).
A year earlier, the apparel and fabrics firm posted profits of 14.8 billion lire and sales of 1 trillion lire.
Marzotto attributed its performance to improvement in the linen sector and growth in apparel exports, which were up 11.3 percent in the six months. In particular, Marzotto cited the strong performance of Hugo Boss and the clothing operations of Marzotto, which include lines for Gianfranco Ferre and Missoni in addition to its own brands.
The firm said 71 percent of its consolidated sales in the half were derived from exports, up from 68 percent the year before.
Group operating profits rose $22.8 million (39.9 billion lire) to $75 million (131.1 billion lire), up 43.8 percent.
Marzotto also said net debt decreased by $46.4 million (81 billion lire) to $290.9 million (508.2 billion lire) in the first six months.