(RTTNews) – Richemont (CFRUY.PK) reported profit to owners of the parent company of 933 million euros for the year ended 31 March 2020 compared to 2.78 billion euros, prior year. Profit for the year decreased, reflecting the non-recurrence of a post-tax non-cash gain of 1.38 billion euros on the revaluation of YNAP shares held prior to acquisition and net foreign exchange losses on monetary items. Earnings per ?A’ share/10 ?B’ shares was 1.646 euros compared to 4.927 euros. Operating profit for the year decreased by 22% to 1.52 billion euros.
Fiscal year revenue was 14.24 billion euros compared to 13.99 billion euros, previous year. Group sales for the year increased by 2% at actual exchange rates and were stable at constant exchange rates. The company said the significant disruption caused by Covid-19 pandemic weighed on fourth quarter sales. Excluding Online Distributors, sales for the year decreased by 3% at constant exchange rates and by 1% at actual rates.
The Board proposed to pay a lower cash dividend of CHF 1.00 per ‘A’ share and CHF 0.10 per ‘B’ share. The dividend will be payable following the AGM which is scheduled to take place on 9 September 2020.