Anglo-Dutch food and cosmetics giant Unilever today said that its fourth quarter 2009 net profit fell 24% to €906m as lower prices offset increased volumes.
The company said it expected continued pressure on consumer spending in 2010 while competition would also increase.
Sales in the three months to December fell 4.8% from a year earlier to €9.66 billion, falling short of analyst forecasts for €9.87 billion. Operating profit tumbled 33% to €972m although the comparable quarter the previous year included exceptional gains of €611m.
For 2009, net profit was down 31% to €3.66 billion on sales of €39.82 billion, down 1.7%.
CEO Paul Polman said the company 'made good progress in challenging market conditions. Our market share improvements were broad-based and improved throughout the year'.
'We have further strengthened our leading positions in developing and emerging markets and made encouraging progress in re-establishing volume growth in Western Europe,' Polman said.
'We expect continued pressure on consumer spending power and heightened levels of competitive activity in 2010,' he added.
