Economic Headwinds Continuing To Impede Growth In T&T, Impacting Negatively Purchasing Power Of Consumers.
Pablo Garrido, Chairman of Unilever Caribbean Limited is reporting that the company faced a very challenging Q1 2017, with economic headwinds continuing to impede growth in the Trinidad and Tobago market, impacting negatively the purchasing power of consumers.
Inflation has also strengthened as a result of rising costs and the continued effects of the foreign exchange shortage.
Softened growth in some key regional markets in 2016 also impacted on the company’s overall performance.
Due to these issues, sales declined by 14.5%, closing the quarter at TT$115M in revenue. Profit after tax declined to TT$3.8M down from 9.6M in 2016, while earnings per share for the quarter closed at 15 cents down from 37 cents in 2016. BM