Natuzzi Reports 2Q Profit

September 25, 2011  by in UnCategorized   

By Home Furnishings Business in Financial Reports on September 26, 2011 Leather upholstery supplier Natuzzi (NYSE: NTZ) reported net profit of 9.6 million Euro for the second quarter of fiscal 2011, compared to a net loss of 2.8 million Euro in the same quarter last year.

Total sales for the quarter were 121.4 million Euro, a 16.4 percent drop compared to second quarter of last year.

For the first half of the year, Natuzzi recorded net profit of 6.6 million Euro, compared to a net loss of 4.1 million Euro in the first half of last year. Sales for the first half of the year were 242.4 million Euro, a 10.8 percent decline from the first half of last year.

"In the first half of 2011 the world's economies have continued to show uncertainty which is even increasing in recent weeks," said Pasquale Natuzzi, chairman and CEO of Natuzzi S.p.A. "The consequence is that the demand for consumer goods - especially durable ones - remains to be weak and volatile. Macroeconomic performance and some internal factors explain the decline of the Natuzzi Group sales by 12.9 percent, recorded by the Group in this first half."