Unilever reports profit slump but sales rise

0 Comments | AFP, July, 2008

ROTTERDAM (AFP) — Dutch food products and cosmetics giant Unilever reported on Thursday a 19.0-percent slump in net second-quarter profit on restructuring charges, but a rise in sales beyond analysts' forecasts.

Unilever, describing its performance as "good", said that the net figure for the quarter fell to 978 million euros (1.52 billion dollars) from 1.144 billion euros at the same time last year.

The price of shares in the group fell by 5.55 percent to 18.30 euros in early trading.

Pre-tax operating profit fell by 4.0 percent to 1.353 billion euros. Sales fell by 1.0 percent to 10.374 billion euros, but at constant exchange rates they rose by 6.0 percent.

Chief executive Patrick Cescau said this amounted to "a good performance in a challenging...