Revlon’s profit rises by 71% in Q2 2012

American cosmetics and personal care company Revlon has posted a 71% rise in net income to $11.1m for the second quarter ended 30 June 2012, compared to $6.5m for the same quarter in 2011.

The firm reported increase in revenue of $5.9 m to $357.1m for the current quarter as against $351.2m in the corresponding period for the previous year.

The increase in profit was primarily driven by higher net sales of Revlon and Almay colour cosmetics and Revlon ColorSilk hair colour, said the company.

Revlon has posted adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $58.7m, which includes a net charge of $6.7m, compared to $63.3 m in the second quarter of 2011.

Revlon president and chief executive officer Alan Ennis said the company delivered top line growth of 4.2% and maintained competitive operating margins in the second quarter of 2012.

"From a marketplace perspective, we introduced successful, innovative, high-quality, consumer-preferred products into the marketplace, and, earlier this month, added the Pure Ice brand to our portfolio. We remain focused on delivering on our strategic objective of profitably growing our business," said Ennis.

Net sales in the US for the second quarter of 2012 increased $9m, or 4.6%, to $203.9m, compared to $194.9m in the same period last year.

In early July 2012, Revlon acquired certain assets of Bari Cosmetics, including assets related to the Pure Ice nail enamel.

According to the company, the acquisition did not impact its second quarter 2012 consolidated financial statements.