MILAN (Reuters) - Italy’s Salvatore Ferragamo (SFER.MI) posted on Tuesday rising net profits in 2016 thanks to a new national tax break regime but core profits and margins in the same period were flat.
Ferragamo said group net profits were up 17 percent to 202 million euros, above a Thomson Reuters estimate of 195 million euros.
Earnings before interest, tax, depreciation and amortization (EBITDA) came in 324 million euros in 2016, unchanged from the previous year and just below a Thomson Reuters analyst estimate of 327 million euros.
EBITDA margin was marginally down to 22.5 percent from 22.7 percent in 2015.
The group proposed to pay an unchanged 0.46 euro per share dividend.
“Despite the current geopolitical uncertainties and only a slow positive evolution of the macroeconomic scenario, Salvatore Ferragamo confirms expectations for another positive year,” the group said in a statement.
Reporting by Giulia Segreti