Unilever shares fall 7% on poor results

Food-to-detergents group Unilever booked a 19% fall in net profit in the second quarter to €978m despite an increase in turnover of almost 7%.

The company’s share price on the Amsterdam stock market dropped 7.5% following the publication of the company’s results on Thursday.
Like many other producers, Unilever is facing increasing costs for raw materials. Its higher turnover was almost wholly the result of higher prices for their products, according to the financial media.
In a statement on Thursday, Unilever CEO Patrick Cescausaid: ‘Our performance in the first half year has been good in what has been a challenging environment.
‘We have delivered 7% underlying sales growth and an underlying improvement in profitability while maintaining competitiveness.’
He added that the company remains committed to full year growth forecast above its 3%-5% target.

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