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CORRECTED-Sonova Holding H1 net income hit by AudioNova purchase
November 14, 2016 / 7:00 AM / a year ago

CORRECTED-Sonova Holding H1 net income hit by AudioNova purchase

(Corrects to remove reference to Phonak, paragraph 3)

ZURICH, Nov 14 (Reuters) - Swiss hearing-aid maker Sonova Holding on Monday said first-half net income fell 3.2 percent from a year ago, mainly due to costs related to its near-$1 billion acquisition of a Netherlands-based retailer.

Net income dropped to 152 million Swiss francs ($153.23 million), from 157 million francs in the first half of 2015, the company said in a statement. Sales rose 6.7 percent to 1.1 billion francs.

In May, Sonova said it would acquire Dutch retailer AudioNova as it wanted to expand its network of company-owned outlets where it sells its own hearing aids. The transaction was completed in September, but has weighed on profit so far, as the company took a 10 million franc hit from transaction costs and integration.

“With the acquisition of AudioNova, we have significantly expanded our retail footprint,” said Chief Executive Lukas Braunschweiler in the statement, adding that sales had a “marked pick-up” towards the end of the period.

$1 = 0.9920 Swiss francs Reporting by John Miller; Editing by Sherry Jacob-Phillips

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