Foreign exchange gains and lower costs help Natuzzi second quarter earnings
The world's leading manufacturer of leather-upholstered furniture, Natuzzi, has posted a big leap in profits for the second quarter and first half of 2002.
Profits for the quarter ended June 30 were up 78.4% to Eur29.8 million, ($27.4 million) on the back of sales of Eur198.5 million. ($176 million). Total leather-upholstered furniture sales were Eur171.0 million, ($157.1 million) 3.2 percent higher than the year-before. For the six months ended June 30, profits increased 43.5% to Eur55.1 million on net sales of Eur430.6 million.
Commented Pasquale Natuzzi, Chairman and Chief Executive Officer, "Despite the weak performance of the European market, which resulted in substantially less sales growth in the second quarter than originally anticipated, net earnings increased significantly as a result of lower leather and selling costs and a gain on foreign exchange."
