Apr 2016 Financial News

Unilever suffers drop in profit and revenue

Apr 01, 2016

Unilever Caribbean Limited suffered a 6.7 per cent decline in revenue in 2015 and profit after tax fell to $44.5 million. Chairman Pablo Garrido said the company’s disappointing performance was intensified by the showdown in the T&T economy and regional markets.

He told shareholders: “Our results reflect the difficulties encountered in our first quarter, arising from the restructuring of our core business fundamentals, which is an investment in the future of Unilever Caribbean.”

Commenting further on Unilever’s audited results, which have been posted to the T&T Stock Exchange, Garrido said: “Our below par performance, as a result of the complications in the implementation of the new IT system and the weak economy, was mitigated by the extraordinary efforts of our employees who rallied as a team to solve the issues, control costs and increase efficiencies.

He said although the economies of the region will remain depressed, the outlook for 2016 is cautiously optimistic as the company begins to reap the benefits of investments in technology and continues to carefully manage our costs. He said in the coming months “a vast and comprehensive modernisation programme” will be implemented in Unilever’s manufacturing plants.

Unilever Caribbean Limited manufactures and sells home care, personal care, refreshment, and food products primarily in T&T, and other Caribbean countries.

Source:
Trinidad Guardian
Friday April 1, 2016

http://www.guardian.co.tt/business/2016-03-31/unilever-suffers-drop-profit-and-revenue