SAO PAULO - Brazilian cosmetic maker Natura &Co late on Monday posted better-than-expected core earnings for the second quarter, but saw its bottom line affected by write-offs as U.S. subsidiary Avon Products filed for bankruptcy protection.Natura &Co is a cosmetic giant that has been pushing for a turnaround and shedding global assets, including the sales of the Aesop and The Body Shop brands, as it turned its focus to Latin America to integrate Avon and its namesake brand.
API's move led Natura &Co to post a net loss of 859 million reais in the second quarter, wider than last year's 732 million-real loss, mainly due to write-offs.JP Morgan analysts said Natura &Co continued to show a good trajectory to deliver the expected results from the Avon integration in Latin America, but results were still polluted by many one-offs and Avon International.
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