Unilever reports $12.6m loss

The content originally appeared on: Trinidad and Tobago Newsday

FILE PHOTO: Unilever Caribbean Ltd compound, Mt Hope.

UNILEVER Caribbean Ltd has reported a $12.6 million loss for the first half of this year, ending June 30

The company provided this information in a statement attached to its unaudited financial statement for this period.

Company chairman Rodrigo Sotomayor said this loss was a result of restructuring expenses incurred in the first half of this year. He recalled that Unilver had initiated a retrenchment exercise as a result of the expiration of its sole supply agreement and cessation of local manufacturing and related activities.

Apart from this, Sotomayor reported Unilever had a solid performance “managing to grow its operating profits for the quarter from $7.3 million in the prior year to $9.5 million and for the half year from $15.4 million to $16.6 million.

“This revenue growth was primarily driven by a robust performance in the local market across all categories with a strong rebound in the home care segment and foods categories in the export markets.”