Unilever Record N165.41million Operating Loss in 2021 First Quarter

Unilever Record N165.41million Operating Loss in 2021 First Quarter

- The food manufacturer reported operating loss of N165.41 million in the first quarter of this year

- Unilever revenue rose to N19.42 billion in Q1 2021, surpassing the N13.32 billion of last year

- During the period, selling and distribution expenses increased to N838.18 million in Q1 2021 from N617.70 million in 2020

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Unilever Plc recorded an operating loss of N165.41 million in the first quarter of 2021 despite revenue rising above the N13.32 billion generated during the corresponding period in 2020.

It was learnt that revenue rose to N19.42 billion within the three months of this year, surpassing the N13.32 billion of last year, the company's financial statement disclosed to investing public.

According to the earnings report, profit grossed grew slightly to N4.47 billion in first quarter this year, against the N3.42 billion the food manufacturer recorded during the same period in 2020.

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The slow growth was impacted by rising cost of sales which settled at N14.95 billion, after a significant rise from the N9.90 billion Unilever management approved for last year Q1.

In the same vein, Legit.ng learnt from the company's statement that selling and distribution expenses increased from N617.70 million of 2020 to hit N838.18 million in Q1 2021.

Unilever record N165.41 million operating loss in 2021 first quarter
Unilever signpost. Photo: Aleksander Kalka/Nur
Source: Getty Images

Unilever recorded more losses in profit before and after tax, having recorded N110.09 million loss before tax and N491.99 million loss after tax within the first three months of 2021.

Meanwhile, Legit.ng had earlier reported that one Mojisola Ogundiran lost a property to Asset Management Corporation of Nigeria after the government agency took over with an exparte.

The property, which is said to worth between N400 million and N600 million was demolished by AMCON and reportedly sold to an unknown person despite an ongoing lawsuit.

It was gathered that Ogundiran had filed an order against AMCON, but the asset recovery agency refused to appear before the court.

Source: Legit.ng News

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