Luxury goods group Compagnie Financiere Richemont SA has posted a profit before items of EUR660 million for fiscal 2003, up from EUR642m in the previous year.

The Swiss company, which owns brands including Cartier and Jaeger-LeCoultre, attributed the rise to an absence of restructuring charges and improved customer sentiment.

However, net profit including goodwill charges and exceptional items slumped to EUR320m for the year, down from EUR728m in fiscal 2002.