(Reuters) – Brazilian cosmetics maker Natura & Co reported on Wednesday a 292% increase in fourth-quarter net income, pushed by structural changes and faster-than-expected synergy capture with Avon.

Refinitiv had predicted a net profit of 161,000,000 reais, but the company posted a net profit of 695.4 millions reais (138.74 million).

The net revenue for the company which is home to brands such as Avon, The Body Shop, and Aesop was 11.6 billion Reis. This represents a 33% decrease in sales compared with last year but still in line with Refinitiv’s forecast of 11.5 million Reis.

The adjusted earnings before interest taxes, amortization, and depreciation margin (EBITDA), was 13.3%. This is a 90-basis point increase over the quarter previous year.

The company said synergies from its purchase of Avon, bought in 2019, have accelerated faster than the expected, “with about 50% of target already achieved at the end year, helping Natura & Co to offset raw material inflation and negative effects of the exchange rate,” it said.

($1 = 5.0123 reais)