UK/NETHERLANDS: Unilever post profit plummet in Q3
Anglo-Dutch consumer products giant Unilever has posted strong sales for its third quarter, despite a 44% plummet in its profits.
On the back of the strong sales, which rose 13% to €13.57bn (US$12.17bn), Unilever said it is on track to meet its annual earnings goal of low double digit growth.
The company blamed a €329m restructuring charge relating to its purchase of Bestfoods a year ago and large interest payments for the pre-tax profit slump, which was recorded at €1.01bn, down from €1.49bn last year. Net income meanwhile fell to €476m, down from €855m year on year.
Underlying per-share earnings meanwhile rose 6%, beating expectations of a flat performance.
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