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Financial News

Nov 2015 Financial News

T&T economy takes toll on Unilever

Nov 10, 2015

Unilever Caribbean Limited chairman Pablo Garrido has blamed challenges in the T&T economy for the company’s “below expectations” performance for the period ended September 30. In his review of Unilever’s latest financial results, Garrido said the economy in its largest market continues to deteriorate.

“Sales were disappointing as customers and consumers exercised caution during an extended election period which then carried over into pre-Budget anxieties,” he said. “The weak economy of Trinidad and Tobago and modest growth in the rest of the region was not sufficient to counteract the negative impact of the one off IT issues incurred in our re-engineering in Quarter 1.”

Garrido said Unilever’s third quarter revenues of -3.4 per cent, while below expectations was an improvement from June 2015. Profit after tax fell to $28.8 million, down from $44.7 million in the previous year.

He added: “Our outlook for the last quarter remains guarded as we continue to recover from Q1.”

He announced that Lucy Walsh has started the transition to the role of managing director and is working alongside Tim Kleinbenne who will be leaving the company at the end of the year to take up a new assignment.

 

Source:
Trinidad Guardian
Tuesday November 10, 2015

http://www.guardian.co.tt/business/2015-11-10/tt-economy-takes-toll-unilever