ITALY: Fila-1 Announces Improved Earnings
Fila Holding S.p.A. today reported its unaudited results for the third quarter ended September 30, 2000. Third quarter net income was $2.4m, or $0.09 per ADS, compared with a net income of $0.2m, or $0.01 per ADS in the third quarter of 1999. The Italian lira depreciated by 16 per cent against the US dollar on a quarterly average basis. In Italian lire, worldwide revenues for the third quarter were Lit.588.8bn, up nine per cent from Lit539.7bn in the corresponding period of 1999. Net income for the quarter was Lit5.1bn compared with net income of Lit0.5bn in the third quarter of 1999. Michele Scannavini, CEO of Fila, said: "The quarter confirms our progress in revenues and operating margin, the highest in three years. Particularly encouraging is the progress in the US, where the Fila brand is enjoying a double digit increase in its order portfolio for next six months. Asia Pacific markets are also growing at a very fast pace - more than 45 per cent - representing now around 18 per cent of the total Fila business and confirming their strategic role in the future growth of our company."
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