Dutch food and cosmetics giant Unilever yesterday posted a 5 percent fall in 2015 profits from the previous 12 months, saying it had been a "challenging year" amid the economic slowdown.

Turnover was up 10 percent to $53.3 billion thanks to increased volumes and a favorable exchange rate, but net profit attributable to shareholders was down to $4.91 billion, compared with $5.2 billion in 2014.

"We are preparing ourselves for tougher market conditions and high volatility in 2016, as world events in recent weeks have highlighted," CEO Paul Polman said in a statement.

Consumer demand for the group's products, which include such brands as Knorr soup, Dove beauty care products, Hellmann's mayonnaise and Lipton tea, remained "fragile," the company said in a statement.