Colgate-Palmolive Co on Thursday said its first quarter profit rose 9 percent on increased price and cost cuts worldwide despite strong dollar and higher demand in commodities in the current global recession.
It posted a net income of $507.9 million or $.97 per share from $466.5 million or $.86 per shares a year earlier. Sales fell 5.5 percent in the first quarter to $3.50 billion and unit volume declined 0.5 percent worldwide.
“We are delighted to begin 2009 with continued strong top-line momentum with organic sales increasing 8.0%,” said Ian Cook, Chairman, President and Chief Executive Officer.
However shares Colgate fell $1.30 to 2.18% at $58.41 in the early trading.