Unilever Nigeria PLC said its normalized net income for the first quarter amounted to 15 kobo per share, a decline of 19.3% from 18 kobo per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 540.5 million nairas, a decrease of 20.7% from 681.1 million nairas in the prior-year period.
The normalized profit margin declined to 3.4% from 4.9% in the year-earlier period.
Total revenue grew 7.8% year over year to 14.91 billion nairas from 13.83 billion nairas, and total operating expenses increased 7.1% from the prior-year period to 13.29 billion nairas from 12.41 billion nairas.
Reported net income decreased 21.3% from the prior-year period to 590.4 million nairas, or 16 kobo per share, from 750.6 million nairas, or 20 kobo per share.
As of April 9, US$1 was equivalent to 199.05 nairas.
