Richemont Profit Slumps as Weak Euro Triggers Accounting Losses

Cie. Financiere Richemont SA, the maker of Cartier jewelry and Montblanc pens, said full-year profit dropped about 36 percent after the euro’s plunge triggered writedowns to the value of cash deposits held in that currency.

Non-cash losses were recorded reflecting changes in the market value on money and hedging instruments in the 12 months through March, the Geneva-based company said Wednesday. The stock traded 1.2 percent lower at 11:09 a.m. local time.