PARIS (AP) A rebound in North America and surging sales in emerging markets pushed French cosmetics giant L'Oreal's profit up 5 percent in the first half of the year.
The company behind the Lancome and Maybelline cosmetics ranges said Thursday that net income was 1.7 billion euros ($2.3 billion) in the January-to-June period. That was exactly in line with the consensus of analysts surveyed by FactSet.
Revenue was 11.7 billion euros, also up 5 percent from a year earlier.
L'Oreal, known for turning in solid profits year after year, has been pushing into emerging markets to maintain that performance. Earlier this month, the company made a takeover offer for skincare company Magic Holdings to help it expand in China's fast-growing beauty market. Regulatory approval is pending.
New markets already pull in more revenue than either North America or Europe, and the effort to diversify its business appears to have paid off: L'Oreal said its operating profitability, at 17.4 percent of sales for the first half, was at a historic high.
