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Coty posts net loss after impairment charge
May 14, 2014 / 11:10 AM / 3 years ago

Coty posts net loss after impairment charge

May 14 (Reuters) - Perfume and cosmetics maker Coty Inc reported a quarterly loss, compared with a profit a year earlier, hurt by a charge related to its skin and body care business in China.

Coty reported a net loss of $253.3 million, or 66 cents per share, in the third quarter ended March 31, compared with a profit of $20.4 million, or 5 cents per share, a year earlier.

The company recorded a non-cash asset impairment charge of$316.9 million after its efforts to revamp its TJoy business in China did not produce expected cash flows.

Net revenue rose about 1 percent to $1.01 billion.

On an adjusted basis the company reported a profit of 22 cents per share. (Reporting by Shailaja Sharma in Bangalore; Editing by Simon Jennings)

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