The collapse of Unilever share price.
Profit surged sharply for the troubled Trinidad Stock Exchange listed Unilever Caribbean. The improvement was not coming from normal operations but mostly from sale of assets.
The company reported profit after tax of $167 million for the September quarter, up from just $170,000 for the 2017 period and $252 million up from $112 million for the nine months to September 2017.
The company sold off the spread business line and realised a gain of $161 million, it also sold fixed assets that realised gains of $3.5 million in the quarter. Excluding these gains, profit would be just $2 million for the quarter but a big improvement over the amount earned in 2017.
Unilever products – Unilever Caribbean continues to trade at new highs virtually each time it trades
Sale revenues dropped 28 percent for the quarter, to $79 million from $109 billion in 2017 as the sales of the spread business took effect plus continued pressure being experienced in the eastern Caribbean market, that is a big part of the area they cover. Revenues fell 16 percent for the year to date, to $294 million from $350 million in 2017.
Gross profit margin improved from 33 percent in the 2017 September quarter to 34 percent in 2018 but is down to 35 percent for the nine months from 36 percent in 2017, resulting gross profit of $27 million for the September 2018 quarter, from $36 million in 2017 and for the nine months period, it moved from $126 million down to $104 million.
Profit of Unilever Caribbean has almost evaporated in 2017.
Administrative expenses were flat at $5.6 million for the quarter and fell 19 percent in the nine months to $18 million. Marketing and sales expenses declined by 37 percent to $19 million in the quarter and 21 percent to $74 million for the nine months.
Revenues reached a high of $588 million in 2014, dipped to $549 million in 2015, recovered a bit in 2016 to $566 million before falling sharply in 2017. Profit peaked at $70 million in 2013 dropped sharply in 2014 to just over $47 million in 2015 and $42.5 in 2016 and declined to $10.5 million in 2017.
Operational gross cash flow brought in just $316,000. At the end of September, shareholders’ equity stood at $388 billion with no borrowed funds used to finance the operations. Net current assets ended the period at $243 million inclusive of trade and other receivables of $84 million, cash and bank balances of $61 million and $202 million due from related parties. Current liabilities stood at $164 million inclusive of $54 due from related parties.
The stock traded at $23 on the Trinidad and Tobago Stock Exchange with a PE ratio around 40 times 2018 earnings. The company paid a dividend of $2 in the period. Net asset value is TT$14.80 with the stock selling at 1.55 book value.
The Trinidad & Tobago Stock Exchange, closed with all indices gaining on Friday, with the Composite Index rising 0.62 points on Friday to 1,219.43, the All T&T Index added 0.24 points to 1,691.18, while the Cross Listed Index inched 0.14 points higher to 100.51. 
changing hands and Trinidad & Tobago NGL shed 4 cents and concluded at $29.11, after exchanging 24,903 shares.
Calypso Macro Index Fund led the market with price changes with a fall of $1.50 in trading 1,600 units to close at $16 on the Trinidad & Tobago Stock Exchange on Monday. 
Trinidad & Tobago NGL increased 2 cents and settled at $29.58, after exchanging 3,722 shares.
Massy Holdings shares fell 5 cents and ended at $46.95, after exchanging 2,221 shares and National Flour closed with a loss of 5 cents and completed trading at $1.75, with 58,803 units.
The Trinidad & Tobago Stock Exchange closed Thursday with trading in 17 securities against 11 on Wednesday, with 4 advancing, 4 declining and 9 remaining unchanged. 
Sagicor Financial concluded trading with a loss of 1 cent to end at $7.94, with 2,477 stock units changing hands and West Indian Tobacco fell 1 cent to $87, after exchanging 1,115 shares.
Sagicor Financial fell 4 cents and completed trading at $7.81, with 28,536 stock units changing hands and West Indian Tobacco fell 1 cent and ended at $88.49, after exchanging 100 shares.
Trinidad & Tobago NGL fell 43 cents and ended at $29.56, with 13,467 stock units changing hands and Unilever Caribbean closed with a loss of 2 cents and completed trading at $29.23, after exchanging 200 shares.
JMMB Group closed at $1.75, after exchanging 16,618 shares, Massy Holdings exchanged 8,477 shares at $47.20, National Flour completed trading at $1.80, with 350 units. NCB Financial Group settled at $5.49, after exchanging 21,200 shares, One Caribbean Media concluded at $12.34, trading 1,521 shares, Prestige Holdings completed trading at $10.01, with 210 units, Sagicor Financial ended at $7.85, with 13,675 stock units changing hands, Scotiabank completed trading at $65 with 304 units, Unilever Caribbean settled at $29.25, after exchanging 1,000 shares and West Indian Tobacco concluded trading at $88.50, after exchanging 100,000 shares.
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