Unilever Profit Up 2% in First Half of Year
July 21 2016 - 3:06AM
Dow Jones News
By Saabira Chaudhuri
LONDON-- Unilever PLC Thursday said its profit rose 2% for the
first half of the year as the consumer goods giant's focus on
controlling costs paid off.
The maker of Magnum ice cream, Dove soap and Axe deodorant
posted a first-half net profit of EUR2.51 billion ($2.77 billion),
up from the EUR2.49 billion in the corresponding period a year
earlier, while revenue fell 2.6% to EUR26.3 billion as a result of
unfavorable currency movements.
Underlying sales--which strip out the impact of acquisitions,
disposals and currency movements--grew 4.7%, which was better than
the 2.9% that Unilever logged for the same period last year.
Diluted per-share earnings rose 1% to EUR0.88. After stripping out
one-time items and currency movements, per-share earnings rose by
1.3% to EUR0.92.
The Anglo-Dutch consumer goods company has been working to
mitigate the impact of a turbulent macroeconomic environment by
raising prices and releasing premium versions of its products. The
company has also adopted so-called "zero-base budgeting" or
justifying each year's expenses from scratch to rein in costs.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
(END) Dow Jones Newswires
July 21, 2016 02:51 ET (06:51 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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