Ermenegildo Zegna N.V. (ZGN), an Italian luxury fashion firm, on Friday posted a decline in earnings for the first-half, amidst a fall in financial income, increased financial expenses and foreign exchange losses. However, the company has posted a rise in revenues.
For the six-month period to June, the company reported pre-tax profit of 48.07 million euros, compared with 64.51 million euros a year ago.Post-tax earnings were at 21.02 million euros or 0.06 euro per share, compared with 32.23 million euros or 0.14 euro per share of last year.
Adjusted income stood at 22.82 million euros or 0.07 euro per share, versus 26.30 million euros or 0.11 euro per share, reported for the first-half of 2021.
Excluding items, EBIT climbed to 82.67 million euros from 66.81 million euros of previous year period.
Operating profit rose to 81.36 million euros from 51.74 million euros of last year period.
The Milan-headquartered firm's financial income was recorded at 15.90 million euros, compared with 32.53 million euros, year-over-year basis.
Financial expenses were at 41.96 million euros, higher than 16.68 million euros of previous year first-half.
The apparel maker's foreign exchange loses totaled at 9.89 million euros, compared with 2.72 million euros of last year.
Ermenegildo generated revenues of 728.99 million euros, that increased from 603.34 million euros reported last year.
Looking ahead, for the medium term, the Group aims to post annual revenues of over 2 billion euros and adjusted EBIT to reach at least 15% of revenues.
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