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L'Oreal net profit rises 18% to 2.9 bn euros

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(Globalpost/GlobalPost)

French cosmetics giant L'Oreal said Monday its net profit rose by 17.6 percent last year to 2.87 billion euros ($3.8 billion) and that it expects to top the performance in 2013.

Sales rose by 10.4 percent to 22.46 billion euros, with the gain 6.2 percent taking into account currency fluctuations.

The company said the board would propose to shareholders a 15 percent increase in its dividend payment to 2.30 euros.

Chief executive Jean-Paul Agon said "2012 also marked a milestone in the acceleration of the Group’s internationalisation, as the 'New Markets' became the number one geographic zone."

This includes the Asia-Pacific region, where sales rose by 9.6 percent on a like-for-like basis and 18.4 percent on a reported basis.

Latin American sales rose by 8.7 percent on a reported basis, and by 17.6 percent in Africa and the Middle East.

The company also managed to improve its performance in North America, where sales jumped 18.3 percent on a reported basis, and by 2.1 percent in Western Europe despite the eurozone debt crisis.

Agon said L'Oreal is "well prepared to outperform the market in 2013, and to achieve another year of sales and profit growth."

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http://www.globalpost.com/dispatch/news/afp/130211/loreal-net-profit-rises-18-29-bn-euros