Business News
Unilever shares drop after announcing lower Q3 turnover
Nov 5, 2009, 9:00 GMT
Amsterdam - Share prices for British-Dutch food multinational Unilever dropped Thursday morning after the company reported third quarter turnover which fell short of analysts predictions.
By 10 am (0900 GMT), Unilever shares had fallen 2.5 per cent to 20.28 euros (29.94 dollars) on the Amsterdam stock exchange.
In the third quarter, the food multinational said turnover had dropped to 10.2 billion euros, from 10.43 billion euros a year earlier. It was also below analysts' forecasts of 10.48 billion euros.
However, the number of products it sold increased in all regions and divisions. Underlying sales in the third quarter increased by 3.4 percent, with volume growth amounting to 3.6 per cent.
Operating profits plunged to 1.494 billion euros, 41 per cent below the 2.53 billion euros reported in the third quarter of 2008.
'Our market shares are responding to stronger innovations, greater consumer value, increased marketing support and better execution,' Unilever CEO Paul Polman said in a statement.
However, he noted 'market conditions remain challenging' and further investment, particularly in research and development, remained necessary.
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