Safilo Group H1 2006 net profit jumps 42% to €21.8m

05 Aug '06

4 min read

The Board of Directors of Safilo Group SpA have examined and approved the consolidated results relating to the first six months of 2006 which highlight positive results both in terms of turnover and net profitability.

Furthermore the Board, upon the proposal of the Chairman Vittorio Tabacchi, nominated Claudio Gottardi for co-option to the position of member of the Board of Directors until the next Shareholders Meeting, in place of Roberto Vedovotto who resigned on July 31st.

The Board of Directors in addition assigned Claudio Gottardi the position of CEO and appointed Massimiliano Tabacchi, already a member of the Board of Directors, as co-CEO.

Consolidated sales in the first semester, as previously announced during a recent meeting with investors, reached €605.4 million (compared to the first six months of 2005 +7.8% at current exchange rates, +5.5% at constant exchange rates) thanks to the excellent results achieved above all in America (+16.4%) and Italy (+9.2%).

The second quarter (+8% compared to the same period of 2005) once again saw a significant increase in income in America and a recovery in the European market which has, until now, performed less impressively compared to other areas.

The net profit achieved in the semester is extremely positive (+41.6% equal to €21.8 million compared to €15.4 million in 2005) and is largely due also to the lesser impact of financial costs following the significant reduction of the company's debt.

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