* Q4 EPS $0.22 vs. $0.80 year ago

* Q4 rev falls 10.5 pct

* Says reduced debt in 2008

* Foreign currency fluctuations hurt Q4 rev by $23.3 mln

Feb 12 (Reuters) - Cosmetics maker Revlon Inc (REV.N) posted a 72 percent fall in its fourth-quarter profit, hurt by foreign currency fluctuations and lower sales in two brands.

www.Revlon.com

Revlon, controlled by financier Ronald Perelman, posted a fourth-quarter profit of $11.3 million, or 22 cents a share, compared with $40.8 million, or 80 cents a share last year.

Revenue in the quarter fell to $334.2 million, compared with $373.3 million last year.

The company said increased net sales in its namesake color cosmetics segment failed to offset declines in the company's Almay brand and certain beauty care products.

Revlon, whose brands include Mitchum, Charlie and Gatineau, reduced debt by by $110 million in 2008, Chief Executive David Kennedy said in a statement.

The company said it increased advertising expenses in its latest fourth quarter to boost sales.

Shares of the New York-based company closed at $4.51 Wednesday on the New York Stock Exchange. (Reporting by Mihir Dalal in Bangalore; Editing by Vikram S Subhedar)