(Filed Under Financial and General Interest News). AS Silvano Fashion Group, an international lingerie distribution company, reported that first quarter profits more than doubled from the comparable period last year, rising from €2.5 million to €5.1 million (approximately $3.6 million to $7.3 million).
Total sales revenue was up 26.9 percent to €25.5 million (approximately $36.6 million) while earnings per share rose from 6 cents to 13 cents (approximately 9 cents to 19 cents).
The dramatic increase in profit is due in large part to the Russian market — responsible for 59 percent of all of Silvano’s revenue — as well as the Belarusian market, which is spending more after the country’s debt was downgraded in March.
AS Silvano Fashion Group is responsible for the design, manufacture, marketing and wholesale of Milavitsa, Alisee, Hidalgo, Lauma Lingerie and Laumelle brands, targeting markets in Russia, Belarus, the Baltic States and Ukraine.
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