Belgian lingerie and swimwear manufacturer Van de Velde has reported a fall in half-year profits, despite witnessing a rise in turnover.
On a comparable basis, consolidated turnover rose 1.2% to €116.9m (£107.7) in the six months to June 30, helped by a strong performance from PrimaDonna swimwear and the introduction of PrimaDonna sportswear.
Retail turnover increased 3% on a like-for-like basis, but when the effects of exchange rates and store closures are factored in, total retail turnover declined by 1.1%.
Profit before tax declined 6.4% to €30.7m (£28.2m) from €32.8m (£30.2m) on the year before.
Van de Velde said the financial results are in line with the same period last year, but when collecting dividends from Chinese bra manufacturer Top Form, in which the group holds a 23.3% stake, the financial result was lower.
“This is mainly related to lower net exchange result gains and losses,” the company said.