Kanebo Cosmetics Inc., undergoing state-backed rehabilitation, reported Wednesday better-than-expected earnings for the January-June period.
Sales in the first half of the year totaled 103 billion yen, 7.1 billion yen more than projected in the company’s rehabilitation plan. Operating profit before goodwill depreciation came to 9 billion yen, exceeding the firm’s projection by 600 million yen.
For the full year to December, the firm is now forecasting sales at 210 billion yen and operating profit at 19 billion yen. Both figures are greater than projections in the rehabilitation plan.
Kanebo Cosmetics was spun off from Kanebo Ltd. in May last year for separate rehabilitation under the Industrial Revitalization Corp. of Japan, which plans to select buyers of the two firms by the end of the year through auctions.
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