L'Oreal posts profit rise in first half

L'Oreal, the world's top cosmetics company, on Thursday posted a 5.2 percent rise in net profit for the first half of the year and confirmed its target for 2013. For the six months ending on June 30, the French group earned a net profit of 1.7 billion euros ($2.3 billion), up from 1.6 billion in the same period a year earlier. Chief executive Jean-Paul Agon said that even though the market experienced a slight slowdown in the first half "L'Oreal has continued to record good sales dynamics, and achieved further growth in profits". He also said his company clinched more market share in the period "across all divisions and zones". Sales shot up to 11.74 billion euros from a previous 11.21 billion euros. "We are confirming our targets for 2013 and remain confident in the group's ability to once again outperform the market, and to achieve a further year of growth in sales, results and profitability," Agon said.