May 14 Perfume and cosmetics maker Coty Inc reported a quarterly loss, compared with a profit a year earlier, hurt by a charge related to its skin and body care business in China.
Coty reported a net loss of $253.3 million, or 66 cents per share, in the third quarter ended March 31, compared with a profit of $20.4 million, or 5 cents per share, a year earlier.
The company recorded a non-cash asset impairment charge of$316.9 million after its efforts to revamp its TJoy business in China did not produce expected cash flows.
Net revenue rose about 1 percent to $1.01 billion.
On an adjusted basis the company reported a profit of 22 cents per share. (Reporting by Shailaja Sharma in Bangalore; Editing by Simon Jennings)