BERN: Swiss Richemont official stated that the losses “had no material impact on the net cash position which amounted to €5.4 billion ($5.8 billion) at the end of March.”The company reported a net profit of €2.07 billion for the 2013-14 year. Following the announcement, Richemont shares fell 1.5 percent in mid-morning trading on the Swiss stock exchange.
Richemont said its results for the year ended March 31st were impacted by losses on financial investments, including “monetary items and derivatives”. Because the majority of such non-cash losses are not subject to tax, the group’s effective tax rate are expected to “significantly increase,” it said.
