Luxury goods maker Richemont expects first-half net profit to rise by more than two-thirds, partly benefiting from the nonrecurrence of exceptional items.The Swiss company, which owns well-known luxury brands including Cartier and MontBlanc, is one of the top five counters on the JSE.In a trading update on Tuesday, Richemont said net profit for the six months to September would rise 80%, as there were none of the inventory buybacks that hit earnings a year ago.The company also noted improved trading performance and more favourable currency exchange rates.Total sales rose for the period rose 10% on an actual currency basis, it said. On a constant currency basis, total sales were up 12%.Investors have pushed the stock up 33% to R121.13 on the JSE since the start of the year, giving the blue-chip company a market value of R632.3bn.
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