Safilo Reports 76% Decrease: The accounting impact of non-controlling interest option valuations and higher financial expenses related to rising interest rates caused Italian eyewear business Safilo’s full-year adjusted net profit to fall by 76% on an annual basis, the company said on Thursday.

Safilo Reports 76% Decrease

The eyewear manufacturer, which supplies labels including Hugo Boss and Tommy Hilfiger, reported a 14 million euro adjusted net profit ($15.24 million), with an adjusted core profit of 92 million euro, a decrease of 9.1% from the previous year.

“The adjusted net profit… contracted, mainly due to the revaluation of the options on minority interests,” CEO Angelo Trocchia said in a statement….