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Unilever Nigeria swings to loss in Q2

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Unilever Nigeria swings to loss in Q2

Unilever Nigeria PLC said its normalized net income for the second quarter was a loss of 12 kobo per share, compared with 16 kobo per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 481.7 million nairas, compared with income of 617.2 million nairas in the prior-year period.

The normalized profit margin dropped to negative 3.6% from 4.0% in the year-earlier period.

Total revenue decreased 10.6% on an annual basis to 13.81 billion nairas from 15.45 billion nairas, and total operating expenses declined year over year to 13.87 billion nairas from 14.18 billion nairas.

Reported net income came to a loss of 504.9 million nairas, or a loss of 13 kobo per share, compared to income of 713.9 million nairas, or 19 kobo per share, in the year-earlier period.

As of Aug. 20, US$1 was equivalent to 199.25 nairas.