LVMH first half profit plunges 68 percent

LVMH Moët Hennessy Louis Vuitton recorded revenue of 18.4 billion euros (21.5 billion dollars) in the first half of 2020, down 27 percent, while on an organic basis, revenue declined 28 percent compared to the same period in 2019. The company said in a statement that profit declined 68 percent to 1, 671 million euros (1,960 million dollars) and operating margin stood at 9 percent and group share of net profit amounted to 522 million euros. In the second quarter, revenue was down 38 percent on an organic basis compared to the same period in 2019.