German Beiersdorf posts mixed 2010 earnings
The German cosmetics group Beiersdorf, maker of Nivea products, posted mixed 2010 earnings on Tuesday with a pre-tax profit that gained almost 19 percent and a net result that fell by almost the same margin.
Beiersdorf said its pre-tax profit rose to around 697 million euros ($900 million), up 18.7 percent from 587 million euros a year earlier on sales which rose by 7.7 percent to 6.19 billion euros.
On a like-for-like basis, group sales showed an increase of 3.1 percent on the year, a statement said.
But the group's net profit fell by 18 percent to 308 million euros owing to restructuring costs and provisions taken against operations in China.
Cosmetic sales were 6.2 percent stronger at 5.32 billion euros, but a statement said the company was "not satisfied with the overall performance by the consumer business segment in 2010."
For 2011, the company expects sales to remain at the same level as last year, it said on its website, while core earnings would likely be lower.
Beiersdorf shares were essentially flat at 41.62 euros in early trading on the Frankfurt stock exchange, while the DAX index of German blue-chips was 0.36 percent stronger overall.
© 2011 AFP