PAGNIE FINANCIERE RI (OTCMKTS:CFRUY) was a notable mover during Thursday’s trading session, rallying by 0.13% on relatively low volumes. The stock has been trending lower ever since it broke the support at $8.254but is showing signs of forming a support near levels of $7.262. PAGNIE currently trends below all moving averages, which is considered to be a bearish sign. The indicator measuring relative strength continues to trend higher indicative of the strong buying interest. The oscillator for momentum is showing first signs of strong bullish reversal. Traders see the stock heading to levels of $7.65 in the coming sessions.
PAGNIE FINANCIERE RI (OTCMKTS:CFRUY) announced annual financial results. Reports claim that the sales of the company for the period were €10410 million, up 4% from the results reported in the previous year.
Insights of Financial Results
Even though financial markets in Europe and U.S. haven’t performed in the best possible way of late, Pagnie managed to report a decent growth. Its business and revenues grew at a fast pace in Middle East, Europe, Americas, etc. Initially, experts thought that the company would perform equally well in Asia Pacific region as well, but weaker than expected trading volume vanished all the dreams. This reduction was majorly led by what happened in China, and then in other emerging markets.
In terms of operating performance, the company managed to grow at 10% during this period. This growth was driven by decent gain happened from an investment property disposal. The year seemed good in terms of operational and customer growth, but as far as excessive profitability is concerned, PAGNIE failed to attain a comfortable situation. Its profit for the year was as much as € 1,334 million, down 35% from the previous year. It happened due to cash driven mark to market losses.
When it comes to cash flow performance, the total cash flow from operating activities was €2387 million for the year. Although its profits were adversely hit by mark to market losses, the cash position remained intact at €5419 million. On the back of the strong financial results, the company proposed dividend of CHF 1.60 per share, up 14% from the previous year.
The senior management of the company is delighted to announce these results and hopes that the financial performance will continue to improve in the coming months. According to Johann Rupert, Chairman, PAGNIE FINANCIERE RICHEMONT, situation in Macau and Richmond wasn’t that great, but still the company managed to post resilient results. It will try to live up to customers expectations in the future as well.