Mumbai, May 9 : Fast moving consumer goods major Hindustan Unilever Ltd (HUL) Monday posted two percent decline in its net profit at Rs. 569.15 crore for the quarter ended March 31 as compared to Rs 581.2 crore during the like period last fiscal.

Total income, however, rose 13.93 percent at Rs. 5,022.59 crore during the quarter under review as compared to Rs. 4,408.65 crore during the like period of the corresponding fiscal, the company said in a regulatory filing.

The company also said the board has approved a proposal for demerger of fast moving consumer goods exports business, including specific exports related manufacturing units of company into its wholly owned subsidiary Unilever India Exports with effect from April 1, 2011.

The company also recommended a final dividend of Rs. 3.50 per share on equity shares of Rs. 1 each.

At the Bombay Stock Exchange the shares of the company were up 2.42 percent to trade at Rs. 281.35.(IANS)