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Last Updated : Sep 09, 2015 12:03 PM IST | Source: Moneycontrol.com

HUL extends losses; sells Modern bakery business

HUL's bread and bakery business comprises range of white and sweet breads, health and wellness breads and bakery products such as cakes, muffins, bans, cream rolls under the brand name Modern brand name. Currently it owns six operating manufacturing units.

 
 
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Moneycontrol Bureau


Shares of HUL extended losses, dragging over 1 percent intraday on Wednesday. As part of its strategy to exit non-core business, the FMCG company has sold his bread and bakery business Modern to Nimman Foods, an investee company of Everstone Group.


HUL's bread and bakery business comprises range of white and sweet breads, health and wellness breads and bakery products such as cakes, muffins, bans, cream rolls under the brand name Modern brand name. Currently it owns six operating manufacturing units.

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HUL's April-June quarter was disappointing as net profit grew 0.2 percent year-on-year to Rs 1,059 crore, impacted by one-time profit on sale of investments in the base quarter, higher tax rate and lower other income.


Total income from operations grew by 5 percent to Rs 8,105 crore in the quarter ended June compared to Rs 7,716.34 crore in the same quarter last year.

At 11:57 hrs Hindustan Unilever was quoting at Rs 800.30, down Rs 2.15, or 0.27 percent on the BSE.

First Published on Sep 9, 2015 12:03 pm
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