News
Nestlé reveals huge rise in profit
Food and drink giant Nestlé has posted a massive 70% year-on-year increase in net profit for 2008 following the disposal of eye-care company Alcon in July 2008.
The company yesterday reported net profit of CFH18bn (£10.7bn) in its full-year results for 2008.
Group sales increased by 2% to CFH109.9bn in 2008, buoyed mainly by a CFH102.4bn contribution from the food and beverages business.
The company said that higher packaging and raw material costs had been partially offset by more than CFH1bn gaimed by improved operational efficiencies.
Profit improved across all geographical zones despite the "significant" packaging and raw material costs and the strength of the Swiss Franc, it said.
"Nestlé's ability to capitalise on a wide variety of market conditions across the world remains one of its decisive competitive advantages," said chief executive Paul Bulcke.
"This will enable the group to seize growth opportunities worldwide in 2009 by leveraging the company's growth platforms, particularly nutrition, health and wellness and popularly positioned products while also accelerating its cost-efficiency initiatives."
Nestlé completed the US$10.4bn sale of Alcon to Novartis on 7 July 2008.
Nestlé: 70% rise in year-on-year profit
