PARIS (dpa-AFX) - French ophthalmic company EssilorLuxottica SA (ESLOF.PK, ESLOY.PK) reported Wednesday that its first-half net profit attributable to owners of the parent increased to 675 million euros from 530 million euros last year. Earnings per share, meanwhile, declined to 1.54 euros from 2.40 euros last year, due to higher share count.
On a pro forma basis, adjusted net profit was 1.1 billion euros, compared to 1.03 billion euros last year.
Pro forma adjusted operating profit was 1.51 billion euros, up 4.3 percent from 1.45 billion euros last year.
Revenue surged to 8.78 billion euros from 4.57 billion euros last year. Pro forma adjusted revenues increased 7.3 percent from last year's 8.18 billion euros. Revenues grew 3.9 percent at constant exchange rates.
Looking ahead, EssilorLuxottica confirmed its financial objectives for 2019, and continues to expect, at constant exchange rates, sales growth of 3.5 percent to 5 percent, and increase in adjusted operating profit and adjusted net profit.
The company further said all the relevant antitrust approvals regarding the acquisition of Barberini have been obtained and that all the conditions precedent to the transaction closing have been met.
Further, Luxottica and Bulgari SpA announced the early renewal of their exclusive license agreement.
Separately, EssilorLuxottica announced an agreement to acquire 76.72 percent interest in GrandVision N.V., owned by Hal Optical Investments B.V., a unit of HAL Holding N.V.
Under the Block Trade Agreement, EssilorLuxottica will buy HAL's shares for a price of 28 euros per share, to be increased by 1.5 percent to 28.42 euros if closing of the deal does not occur within 12 months from the announcement date.
The transaction is expected to close in 12 to 24 months.
After the deal has been successfully concluded, EssilorLuxottica will launch a mandatory cash public offer for all outstanding shares in GrandVision.
Copyright RTT News/dpa-AFX