The top Brazilian cosmetics firm Natura & Co reported a huge, a 292 per cent, surge in its net income for the fourth quarter on Wednesday, which the company attributed to the structural improvements that it had implemented as well as the speedier than the expected synergy absorption the company managed to do with Avon.
A net profit of 695.4 million reais ($138.74 million) was reported by the company which far exceeded the projection of analysts at Refinitiv of 161 million reais.
The company is the owner of huge brands including Avon, The Body Shop, and Aesop and it posted quarterly net revenue of 11.6 billion reais, which was 3 per cent lower year on year but was in in line with a Refinitiv expectation of revenue of 11.5 billion reais.
There was a 90 basis points rise quarter on quarter ion the company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA), it announced.
In 2019, the Brazilian company had acquired Avon in 2019 and it said that the synergies with Avon have proceeded much faster that the company had expected and projected. The company said that about the synergy, "approximately 50 per cent of objective already realised towards the end of the year, enabling Natura & Co to balance raw material inflation and unfavourable currency rate effects".
The company's proposal to relocate its principal listing to the New York Stock Exchange (NYSE) has been put on hold for the time being, said Natura's CEO Roberto Marques while talking to the media.
"For everything that is happening, expectation of a very volatile market, with a lot of uncertainty ... maybe it's not the time to do it now," he said.
Marques also stated that the firm expects a difficult semester as a result of the Ukrainian crisis and that it is cutting costs in anticipation of the predicted instability.
Natura has halted shipments from its Avon factory in Russia and is shifting quantities to its Poland facility, he noted. Its Body Shop and Aesop businesses in Russia have also been halted.
(Source:www.usnews.com)
A net profit of 695.4 million reais ($138.74 million) was reported by the company which far exceeded the projection of analysts at Refinitiv of 161 million reais.
The company is the owner of huge brands including Avon, The Body Shop, and Aesop and it posted quarterly net revenue of 11.6 billion reais, which was 3 per cent lower year on year but was in in line with a Refinitiv expectation of revenue of 11.5 billion reais.
There was a 90 basis points rise quarter on quarter ion the company’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA), it announced.
In 2019, the Brazilian company had acquired Avon in 2019 and it said that the synergies with Avon have proceeded much faster that the company had expected and projected. The company said that about the synergy, "approximately 50 per cent of objective already realised towards the end of the year, enabling Natura & Co to balance raw material inflation and unfavourable currency rate effects".
The company's proposal to relocate its principal listing to the New York Stock Exchange (NYSE) has been put on hold for the time being, said Natura's CEO Roberto Marques while talking to the media.
"For everything that is happening, expectation of a very volatile market, with a lot of uncertainty ... maybe it's not the time to do it now," he said.
Marques also stated that the firm expects a difficult semester as a result of the Ukrainian crisis and that it is cutting costs in anticipation of the predicted instability.
Natura has halted shipments from its Avon factory in Russia and is shifting quantities to its Poland facility, he noted. Its Body Shop and Aesop businesses in Russia have also been halted.
(Source:www.usnews.com)
