Anglo-Dutch consumer products giant Unilever Plc/NV reported a higher than expected 54 per cent rise in second quarter profits today and said it was still on track to meet its annual earnings target.
The Knorr soup, Dove Soap and Calvin Klein fragrances group said second quarterpre-tax profits rose to euro 1.514 billion boosted by the disposal of a number of European brands such as Batchelors and Oxo to Campbell Soup in May.
Net profits rose eight per cent to euro 841 millionwhile underlying earnings rose eight per cent.
Unilever’s Irish-born chairman Mr Niall FitzGerald said "Economies are slowing in many regions. However our work on portfolio focus and restructuringstrengthens our capacity to cope with difficult conditions.
"Looking forward to the full year we confirm the guidance previously given for EPS (underlying) growth in low double digits, and continuing progress for the leading brands."
Unilever Plc shares have outperformed the FTSE All Share index by 60 per cent and its European peer group by almost 30 per cent over the last 12 months, after recovering from a 334p low in February 2000.
They closed yesterday at 600p.
Unilever has cut the number of its brands to below 900 from 1,600 in the last 18 months, and last month put a number of secondary brands from its Bestfoods North American portfolio such as Mazola cooking oil and Golden Griddle syrup up for sale.