Aug 31, 2007
L'Oreal shares rise on bright 2007 outlook
Aug 31, 2007
PARIS, Aug 31, 2007 (AFP) - Investors touched up the price of shares in L'Oreal Friday, august 31st after the world's leading cosmetics group posted better-than-expected first-half profits and analysts predicted continued good performance.
L'Oréal Paris Glam Bronze 2007
L'Oreal shares gained 0.63 percent to 84.81 euros in early trading on the Paris stock exchange, while the CAC 40 index of leading shares rose by 0.68 percent.
On Thursday, 30th the company said first-half profit had risen by 8.4 percent to 1.178 billion euros (1.6 billion dollars) and forecast that earnings per share would grow by double digits in 2007 for the 23rd year.
"The most notable element in the release was nonetheless the level of growth expected in 2007, of 7.0-8.0 percent at constant exchange rates, given that the group had until now forecast a level around 5.0 percent higher than last year," commented analysts at the Oddo investment house.
At CM-CIC Securities, Emmanuelle Thollon Pommerol said the results represented a "solid publication and a raising of sales perspectives that should allow L'Oreal to consolidate its recent relatively handsome results."
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