Swiss luxury goods maker Compagnie Financiere Richemont SA Thursday reported a 72% decline in second-half net profit because it parted ways with British American Tobacco Plc last year, but posted better-than-expected operating profit and sales.

Richemont's spinoff last Autumn of a 19% stake in BAT cut off a steady dividend stream from the cigarette company, resulting in a fall in Richemont's second-half net profit, to EUR209 million from EUR742 million, according to a calculation by Dow Jones Newswires.