BERN: During its 2014/15 financial year, which ended on March 31, the Swiss company earned in €1.3 billion ($1.4 billion) in net profit, down 35 percent from a year earlier, it said. The drop was slightly less than the 36-percent decline Richemont signalled in a profit warning last month, but in line with the expectations of analysts polled by the AWP financial news agency.
The company warned in April that “non-cash, mark-to-market losses on financial instruments, which include monetary items and derivatives.” Multinationals often use financial instruments to try to protect themselves against changes in exchange rates in the different countries they operate, but unexpected changes can lead to losses.
