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Unilever Ghana swings to profit in Q1

Unilever Ghana Ltd. said its normalized net income for the first quarter was 10.8 million cedis, compared with a loss of 2.6 million cedis in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 8.9% from negative 3.0% in the year-earlier period.

Total revenue climbed 43.7% year over year to 121.5 million cedis from 84.5 million cedis, and total operating expenses rose 17.6% year over year to 103.4 million cedis from 87.9 million cedis.

Reported net income totaled 12.7 million cedis, compared with a loss of 4.3 million cedis in the year-earlier period.

As of April 24, US$1 was equivalent to 3.85 cedis.