UK: Unilever shares rise as Asia drives Q1
By: just-food.com | 29 April 2010
- Sales excluding M&A, disposals, forex rose 4.1%
- Q1 volumes climbed 7.6%
- Unilever cites growth in China, Turkey
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Unilever has embarked on Lipton marketing push in South Korea |
Shares in consumer goods giant Unilever rose this morning (29 April) after the Knorr-to-Magnum maker posted "strong" first-quarter results.
Underlying sales, which excludes the effect of foreign exchange and M&A, grew 4.1% in the first three months to 2010. Underlying sales in Unilever's Asia/Africa unit was up 7.6%, thanks to growth in China, Turkey and Indonesia.
Underlying volumes accelerated to rise 7.6%, compared to the 5% increase in the last three months of 2009.
“We show strong momentum across all geographies with continued strengthening of our competitive position in line with our strategy," said Unilever CEO Paul Polman.
"Growth has been especially strong in emerging markets despite the heightened competitive activity. We have continued to invest more in advertising and promotions to build brand equities and support the rollout of our innovations."
The growth in sales drove a 17% rise in operating profit to EUR1.44bn (US$1.9bn). Net profit climbed 31% to EUR1.06bn.
Click here for the full earnings statement; check back later for coverage of Unilever's analyst call.
Sectors: Canned food, Cereal, Condiments, dressings & sauces, Dairy, Dried foods, Emerging markets, Financials
Companies: Unilever, Knorr, Magnum
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