28 April 2011 08:59 [Source: ICIS news]
SINGAPORE (ICIS)--Unilever posted a 7% year-on-year increase in first-quarter revenue to €10.9bn ($16bn) on the back of increased sales volume and higher prices, the Anglo-Dutch consumer goods producer said on Thursday.
Underlying sales growth was 4.3%, with sales volume up 2.5% and prices rising 1.8% compared to the same period in 2010, it said.
Unilever said it expects price pressures to continue on the back of rising crude oil values.
“At the same time we have accelerated our cost reduction programmes and we now expect the full-year savings to be around €1.3bn,” Unilever said.
“Price increases are lagging cost increases and this means that we expect the movement in underlying operating margin to be down in the first half before improving in the second half of 2011,” the company said.
($1 = €0.68)
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