L'Oreal Profits Up 11.6%

First half net profits were $2.11 billion.

L'Oreal, the world's largest cosmetics maker, said on August 30 its first half net profit rose 11.6% from a year earlier to 1.47 billion euros (US$2.11 billion) and confirmed its forecasts for 2011.

"We reaffirm our ambition for 2011 to outperform the market and to improve group profitability," said chief executive Jean-Paul Agon.

He said earnings improved despite the rise in raw material costs.

Operating profit in the six months to June was 1.70 billion euros, with operating margins at 16.8%, down from 17.3% in the same period last year due to increased investment and advertising costs.

Sales were up 5% to 10.15 billion euros.

The group said it had reinforced its position around the world, including North America, Latin America and Asia.

Copyright Agence France-Presse, 2011

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