the same as in first-half 2007.
- Selling and distribution costs of EUR329.2 million (21.7% of
revenue compared with 22.1% in the previous-year period).
- Other operating expenses of EUR190.3 million (12.5% of
revenue versus 13.0% in first-half 2007).
The Company continued to invest in research and development and maintained its marketing and sales efforts, while stabilizing overall spending.
Contribution from operations up 3.4% to EUR276.3 million
As a percentage of revenue, contribution from operations stood at 18.2%, slightly above the full-year contribution of 18.1% in 2007. This record high reflects Essilor's ability to integrate acquisitions, continue driving productivity gains and manage operating costs in a challenging economic environment.
Operating profit up 3.4% to EUR261.7 million
"Other income and expenses from operations" and "Gains and losses on asset disposals" together represented a net expense of EUR14.6 million (compared with EUR14.1 million in first-half 2007), of which EUR12.3 million in compensation costs on employee stock ownership plans, stock option plans and performance share grants. Operating profit represented 17.2% of consolidated revenue.
EUR2.9 million in finance costs and other financial income and expenses, net
Finance costs and other financial income and expenses amounted to a net income of EUR2.9 million, a sharp improvement over the EUR5.5 million expense recorded in first-half 2007. This performance reflected the increase in the Company's net cash and cash equivalents compared with June 30, 2007, as well as net exchange gains and fair value adjustments to financial instruments.
Profit attributable to equity holders of Essilor International up 9% to
Net profit totaled EUR201.4 million, an increase of 9.6%. It comprised:
- Income tax expense of EUR77.9 million. The 29.4% e
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