Beiersdorf posts lacklustre quarterly profits
The German cosmetics group Beiersdorf, maker of Nivea products, reported on Thursday first-quarter net profits of 125 million euros ($185 million), a lacklustre 2.5 percent up on the same period last year.
Earnings before interests and taxes were down 13 percent at 162 million euros, while turnover remained more or less unchanged at 1.41 billion euros, the firm said in a statement.
"First quarter results were in line with expectations," said Beiersdorf boss Thomas-Bernd Quaas in the statement.
The group is moving away from its traditional Nivea range, having decided to concentrate on health care products rather than cosmetics. This has impacted cosmetic results, especially in western Europe.
Sales from its Tesa tape group were up, reflecting stronger demand from industry, especially from the electronic and automotive sectors.
Beiersdorf earlier this year posted mixed 2010 earnings with a pre-tax profit up by almost 19 percent at 697 million euros, but a net result that fell by almost the same margin to 308 million euros.
© 2011 AFP