July 26, 2018 / 4:53 AM / 9 months ago

Essilor keeps financial targets, says Luxottica deal on track

PARIS, July 26 (Reuters) - French spectacles and lens maker Essilor said it was making good progress in the completion of its merger with Italian peer Luxottica, after posting a slightly lower interim profit and confirming its 2018 financial targets.

Essilor on Thursday reported an interim operating profit of 630 million euros ($738.9 million), down from an adjusted year-ago profit figure of 667 million euros. The 2017 figure was adjusted to reflect costs associated with the Luxottica deal.

Essilor also confirmed its 2018 financial targets, namely for like-for-like revenue growth of around 4 percent.

Essilor and Luxottica, whose alliance will create an industry leader with a value of around 50 billion euros, are currently in the midst of seeking various regulatory approvals to finalise their merger.

The tie-up between Luxottica, whose brands include Ray-Ban, and Essilor - which sells lenses under the Varilux brand - is aimed at taking advantage of rising demand for prescription spectacles as populations get older across the world.

Earlier this week, Luxottica posted broadly flat first-half results.

$1 = 0.8526 euros Reporting by Sudip Kar-Gupta; Editing by Sunil Nair

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below