Virbac reports 268% net profit increase
March 13, 2017Virbac has reported net profit of €34.6 million for 2016 which is 268% increase compared to 2015.
The company said that this includes, on one hand, the decrease of the amortization expense of intangibles assets related to acquisitions (€16.5 million compared to €19.2 million in 2015), and on the other hand non-recurring expenses of purely accounting nature, resulting from the application of IFRS principles related to Business combinations, and lastly, the decrease in financial expenses, due to a favorable currency impact, mainly in the Chilean subsidiary, which is benefiting from a more favorable USD / CLP parity this year. This impact offsets the increase in financial expenses.
For 2017 the company anticipates an improvement in the current profit before depreciation of assets arising from acquisitions to sales, which should be around +0.5 points at constant exchange rates, but could rise more at current exchange rates, said the company.
