Fashion and fragrance company Puig posted on Friday a 26% fall in first-half net profit, mostly impacted by the costs of its initial public offering and some recent acquisition deals.

The Barcelona-based company behind perfume brands Rabanne, Carolina Herrera and Jean Paul Gaultier said net profit fell to 153.8 million euros ($171 million) while sales grew 10% in its first earnings results as a listed company.

The company reported net revenue of 2.17 billion euros ($2.41 billion) in the year to June and an adjusted EBIDTA (earnings before interest, tax, depreciation and amortization) of 410 million euros, 7.4% higher than a year before.

It is the first time the company, which also owns makeup and skincare brands such as Charlotte Tilbury and Dr. Barbara Sturm, reports first half results. Puig began trading on Madrid’s stock exchange in May.

In January 2024, Puig also began the process of acquiring the Dr. Barbara Sturm luxury brand to reinforce its presence in the skincare business. The company said it expects net revenue and operating profit for the second half of the year to be higher due to an expected increase in demand ahead of Christmas.