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