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Austria's Zumtobel full-year net profit tops expectations
June 23, 2017 / 6:01 AM / 3 months ago

Austria's Zumtobel full-year net profit tops expectations

VIENNA, June 23 (Reuters) - Austrian lighting group Zumtobel on Friday reported a full-year net profit above expectations, helped by cost reductions and the introduction of new products with higher profit margins.

Net profit more than doubled to 25.2 million euros ($28.14 million) in the 2016/17 financial year which ended March 31, beating analyst forecast of 21.6 million euros, the group said in a statement.

Revenue fell 3.9 percent to 1.30 billion euros, mainly due to the devaluation of the British pound. Adjusted for currency effects revenue decreased 1 percent.

$1 = 0.8957 euros Reporting by Kirsti Knolle; Editing by Biju Dwarakanath

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