L'Oreal profits up 11.6%
L'Oreal, the world's largest cosmetics maker, said Tuesday its first half net profit rose 11.6 percent from a year earlier to 1.47 billion euros ($2.11 billion) and confirmed its forecasts for 2011.
"We reaffirm our ambition for 2011 to outperform the market and to improve group profitability," chief executive Jean-Paul Agon said in a statement.
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 percent, down from 17.3 percent in the same period last year due to increased investment and advertising costs.
Sales were up 5.0 percent to 10.15 billion euros.
The group said it had reinforced its position around the world, including North America, Latin America and Asia.
© 2011 AFP