L' Oréal's 13.5% profit rise led by success in emerging markets

Cosmetics giant L' Oréal has reported a 13.5% rise in annual profits as it continued to make inroads in new markets such as China. For 2003, net operating profit rose to €1.65bn from €1.46bn a year ago, ahead of forecasts.

Chairman Lindsay Owen-Jones said that the company's progress into emerging markets last year had been "spectacular". Profitability had been achieved despite an "exceptionally unfavorable economic and monetary environment," he added.