Italian sportswear firm BasicNet, owner of the famous Kappa and Robe di Kappa brands, on Tuesday revealed it swung to a full year profit amid a slight rise in turnover.

The company posted a net profit of $1.3 million versus a year-ago loss of $2.9m and said turnover rose 2.4 per cent year-on-year to $260m.

It added it expects further profit and sales growth this year on the back of several new licensing agreements.