Sale beautifies L’Oreal profit

Paris: L’Oreal, the world’s top cosmetics company, said on Thursday that its net profit soared by two-thirds last year to €4.91 billion (Dh20 billion) thanks to the sale of a unit. Without the sale of its stake in the Galderma dermatological treatment unit to Nestle that added 2.1 billion, L’Oreal’s net profit would have come in with a 3.1 per cent gain to €3.12 billion, the company said in a statement.

“Despite adverse currency effects, operating margin increased once again in 2014, highlighting the strength of our business model,” chief executive Jean-Paul Agon said. Operating profit came in at €3.89 billion on sales that totalled €22.53 billion a gain of 1.8 per cent if Galderma is excluded from 2013 figures.