Prada reports lowest profit since IPO

Paris

PRADA SpA has reported the lowest full-year profit since its 2011 initial public offering but said it is confident of a turnaround as the maker of Miu Miu apparel sees signs of revival after a slump in Asian luxury demand.

Net income fell 16 per cent to 278.3 million euros (S$413.3 million) in the year through January, the Milan-based group said on Wednesday. While that missed the average analyst estimate of 294.7 million euros, Prada said that in keeping with peers such as LVMH it has seen better indications in both Asia and Europe.