Shamir profit up 17 per cent

Another lens manufacturer has posted an improvement in its end-of-year results for 2010 over the previous year.

Shamir announced that its revenue increased by 11 per cent over 2009 to $158m, while its net profit increased 17.5 per cent to $15.6m in comparison to $13.3m in 2009.

Shamir's operating income for 2010 was $23.4m. This figure excludes the effect of non-cash stock-based compensation expenses, amortisation of intangible assets, restructuring costs in France in 2010, Essilor transaction costs in 2010 and compensation to the company's former chief executive Eyal Hayardeny in 2009.