ESLOY Essilor Luxottica (PK)

French opthalmic lenses maker Essilor International (EI.FR), the world's largest, said Friday its first half net profit rose 31% to EUR258 million thanks to rising demand in emerging markets and new partnerships.

MAIN FACTS:

- Essilor's total revenues in the first half of 2011 rose 6.9% from the same period in 2010 to EUR2.06 billion.

- Essilor's adjusted profit rose 8.1% to EUR258 million. The adjusted profit includes a EUR41 million provision set aside for a fine imposed in Germany in 2010. Essilor appealed the fine.

- In the first six months of 2011, Essilor continued to expand in every market and strengthened its positions in the fast growing economies and in the mid-range segment.

- The faster growth in the optical lenses and instruments business and the solid performance in the Equipment and Readers divisions drove a 9% increase in revenue excluding currency, of which 7% excluding strategic acquisitions, in line with the annual target.

- Essilor's kept growing through its strategy of acquisitions with 13 new partnerships that will help to speed Essilor's expansion in the fast-growing economies.

- Essilor kept a sustained high operating margin, with a contribution margin of 18% after the impact of strategic acquisitions (18.6% before acquisitions).

- Despite a more uncertain economic environment, the Company confirms its full-year objectives of revenue growth of 6% to 8% excluding the currency effect and strategic acquisitions, with margins maintained at current high levels excluding strategic acquisitions.

- By Paris Bureau, Dow Jones Newswires; +331-4017-1740; inti.landauro@dowjones.com

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