Unilever profit up 60% in quarter
October 30, 2008
by FoodBusinessNews.net Staff
LONDON — Pricing actions and profits on disposals helped boost results for Unilever in the third quarter and nine months.
For the third quarter, net profit was €1,711 million ($2,227 million), up 60% from €1,068 million during the same quarter of the previous year. Sales for the quarter were €10,427 million ($13,569 million), up 2% from €10,243 million during the same quarter of 2007.
"We have strengthened the business in a tough environment," said Patrick Cescau, group chief executive. "Despite the price rises needed in the light of unprecedented cost increases, our volumes are holding up. Our cost savings programs are far reaching and on-track to deliver. We have been reshaping the portfolio, allowing us to focus our resources where it matters most — behind our brands and our priority categories. All this leaves us well placed for the future."
For the nine months, Unilever had a net profit of €4,096 million ($5,330 million), up 22% from €3,349 million during the same period of the previous year. Sales for the period were €30,372 million ($39,494 million), up slightly from €30,297 million during the same period of the previous year.
"This year we now expect to deliver underlying sales growth well in excess of our long-term target range of 3% to 5%, together with an underlying improvement in operating margin for the year," Mr. Cescau said.