India's Hindustan Unilever quarterly profit up 18%
Hindustan Unilever (HUL) said Thursday that quarterly net profit leapt by a forecast-beating 18 percent as sales of beverages, soap and other goods boomed.
The company, 52 percent owned by Anglo-Dutch group Unilever, said net profit for the three months to June climbed to 6.27 billion rupees ($139 million) from 5.33 billion rupees in the same period a year earlier.
HUL, India's biggest consumer goods firm by revenues, said sales in the fiscal first quarter rose 15 percent to 55.04 billion rupees.
The earnings topped market expectations of a 5.8-billion-rupee profit.
The firm's home and personal care business rose by 15.4 percent year-on-year, reflecting buoyant growth in sales of soap and personal products.
"The food business grew by 14.9 percent on strong volumes in beverages, packaged foods," the company said in a statement.
HUL chairman Harish Manwani said the performance marked the fourth straight quarter of double-digit profit growth.
Manwani, however, added the business environment remained challenging with high commodity prices.
Hindustan Unilever's shares slipped 0.18 percent to 325.3 rupees following the company's earnings announcement.
© 2011 AFP