By Ian Walker
EssilorLuxottica SA on Friday reported a swing to net profit for the first half of the year as revenue grew, and said it expects full-year revenue to grow by around mid-single digits compared with 2019.
The Franco-Italian eyewear giant, which is in the process of buying Dutch optical retailer Grandvision NV, made a net profit attributable to owners of the parent for the half year ended June 30 of 854 million euros ($1.02 billion), compared with a loss of EUR412 million a year earlier.
Revenue rose to EUR8.77 billion from EUR6.23 billion for the first half of 2020, it said.
Adjusted operating profit--one of the company's preferred metrics, which strips out exceptional and other one-off items--was EUR1.62 billion, compared with EUR126 million for the year-earlier period, the company said.
EssilorLuxottica completed its acquisition of HAL Optical Investments' 76.72% stake in Grandvision earlier this month at EUR28.42 a share, and said it would proceed to launch a mandatory public offer for rest of its shares at the same price.
The company has subsequently said that it is making timely progress on preparations for the offer and expects to submit a request to the Netherlands Authority for the Financial Markets to approve its offer memorandum by Sept. 23.
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(END) Dow Jones Newswires