Safilo posts 76% drop in FY net profit on higher revaluations

Italian eyewear group Safilo said on Thursday its full-year adjusted net result dropped by 76% on a yearly basis due to the accounting effect of the valuations of options of non-controlling interests, as well as higher financial charges tied to rising interest rates.

The firm, which makes eyewear for brands including Hugo Boss and Tommy Hilfiger, posted an adjusted net profit of 14 million euros ($15.24 million), while its adjusted core profit stood at 92 million euros, down 9.1% year on year.

“The adjusted net profit … contracted, mainly due to the revaluation of the options on minority interests,” CEO Angelo Trocchia said in a statement.