Arab Today, arab today nivea maker beiersdorf meets profit targets
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Arab Today, arab today
Arab Today, arab today

Nivea maker Beiersdorf meets profit targets

Arab Today, arab today

Arab Today, arab today Nivea maker Beiersdorf meets profit targets

Frankfurt - AFP

German cosmetics group Beiersdorf, maker of Nivea hand cream, said Thursday it was satisfied with business in 2012 when it met both its sales and earnings targets and expects to grow faster than the market this year. \"We are satisfied with our fiscal year 2012 performance. We have met our sales and earnings targets,\" said chief executive Stefan Heidenreich. \"For 2013, Beiersdorf forecasts sales growth in excess of the market and a further improvement\" in the operating margin, he added. Beiersdorf, which also makes Tesa sticky tape and adhesives, said its net profit soared by 74 percent to 451 million euros ($589 million). But the year-earlier figures were hit by heavy restructuring charges. Adjusted for these, net profit rose by 9.9 percent. Underlying or operating profit also rose by 13.8 percent to 735 million euros, excluding special factors and sales were up 7.2 percent at 6.04 billion euros.

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