Unilever Q1 net profit up 31 per cent at €1.05 billion

Global consumer products giant Unilever reported first quarter net profit of €1.05 billion, up 31 per cent from the previous year period, while its operating profit increased 17 per cent to €1.44 billion, with a significant increase in spending on advertising and promotions.

Turnover for the first three months of 2010 increased 6.7 per cent to €10.14 billion.

"We show strong momentum across all geographies with continued strengthening of our competitive position in line with our strategy," chief executive Paul Polman said.

The growth was supported by the quickening pace of innovation and the introduction of brands such as Cif, Domestos, Lifebuoy and Lipton into new markets.

The company's sales volume grew 7.6 per cent in the first three months of the year, offsetting a 3.3 per cent drop in prices as a result of competitive pressures and lower commodity costs.

Emerging markets delivered the strongest growth, while in Europe sales volumes were up 4 per cent on the back of strong sales in the UK and the Netherlands.