Prada Q1 net doubles to €121.7m
HONG KONG, June 7 – Italian fashion house Prada SpA said today that first-quarter net profit more than doubled to €121.7 million (RM480.79 million) as the company’s focus on Asia paid off.
The maker of luxury bags and Miu Miu dresses, which has a market value of US$15.4 billion (RM48.71 billion), said first-quarter net profit was up 111 per cent from €57.7 million a year earlier.
Listed in Hong Kong, Prada’s shares have gained nearly 30 per cent so far this year despite a global market rout, easily outperforming the benchmark Hang Seng Index’s 1.3 per cent gain. – Reuters