L'Oreal reports net profit of 1 billion euros in first half

0 Comments | AFP, August, 2006

PARIS (AFP) — French cosmetics giant L'Oreal has posted first half net profits of 1.087 billion euros (1.39 billion dollars) 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 1.333 billion euros, up 19.6 percent from 1.115 billion a year earlier. Analysts had forecast EBIT of 1.215-1.253 billion. L'Oreal 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 1.76 euros, up 25.2 percent from 1.40 euros a year earlier, thanks partly to share...