Unilever reports 26% profit drop in Q2

Despite higher revenue earnings, the net profit of Unilever Consumer Care Bangladesh has dropped by 26 per cent in the second quarter of this year.

The company, former GSK, posted a net profit of Tk 10.1 crore in the April-June quarter, which was Tk 13.73 crore in the corresponding period last year.

In a disclosure to the Dhaka Stock Exchange (DSE), Unilever blamed decline in financial income and increased duty on raw materials for the drop in profit.

However, the company reported revenue earnings of Tk 89.58 crore in the second quarter, which is 8 per cent higher compared to the same period last year.

At the same time, the company’s profit dropped by 29.52 per cent in the first half (H1) of the current year as it posted a profit of Tk 22.38 crore during the period.

The profit was Tk 31.77 crore in the corresponding period last year.

For the H1 of this year, revenue earnings were 11.20 per cent higher than the same period of last year. The revenue earning was Tk 204 crore for January-June’21.

In the unaudited financial statement, company’s Earnings Per Share for first half was reduced by 29.5 per cent (18.59 in 2021 and 26.37 in 2020). And for the second quarter, EPS is Tk 8.9, which was Tk 11.40 for the same quarter of last year.