L'Oreal net profit grows 11.6 percent

PARIS (AP) — French cosmetics giant L'Oreal said Tuesday that it recorded an 11.6 percent increase in net profit for the first half of the year that was driven by sales in its luxury division and emerging markets in Asia and Latin America.

The company behind brands such as Maybelline cosmetics and Garnier hair products said it made 1.5 billion euros ($2.2 billion) in the first six months of the year, compared with 1.3 billion euros ($1.9 billion) in the same period in 2010.

Sales were up 5 percent to 10.1 billion euros ($14.6 billion). The luxury division, which is the second largest and includes Lancome's cosmetics and perfumes, Yves Saint Laurent Beaute and Kiehl's skincare …