L'Oreal sitting pretty on first-half profits

31st August 2006, Comments 0 comments

PARIS, Jan 3, 2006 (AFP) - French cosmetics giant L'Oréal on Thursday posted first half net profit of EUR 1.087 billion and forecast growth in earnings of at least 10 percent for the whole of the year.

PARIS, Jan 3, 2006 (AFP) - French cosmetics giant L'Oréal on Thursday posted first half net profit of EUR 1.087 billion and forecast growth in earnings of at least 10 percent for the whole of the year.

Net profit increased by 21.9 percent from the same period a year earlier, the group said in a statement.

Operating profit, or earnings before interest and tax (EBIT), was EUR 1.333 billion, up 19.6 percent from 1.115 billion a year earlier. Analysts had forecast EBIT of 1.215-1.253 billion.

L'Oréal chief executive Jean-Paul Agon said in the statement that the results made his company "confident of achieving another year of double-digit earnings per share (EPS) growth in 2006."

EPS was EUR 1.76, up 25.2 percent from EUR 1.40 a year earlier, thanks partly to share buybacks, a policy the group has said it will maintain.

Copyright AFP

Subject: French news

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