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| Nestle's profit slips to 5.07 bn Swiss francs in H1 '09 |
| Press Trust of India / Zurich/New Delhi Aug 12, 2009, 21:46 IST |
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FMCG major Nestle today reported a nearly three per cent drop in profit at 5.07 billion Swiss francs for the first half of 2009, mainly hit by currency fluctuation.
The company had a profit of 5.21 billion Swiss francs in the year-ago period, Nestle said in a statement.
Sales fell to 52.26 billion Swiss francs in the first six months of 2009 from 53.06 billion Swiss francs in the same period a year ago.
"Divestitures, net of acquisitions, reduced group sales by 0.7 per cent, whilst the currency effect resulted in a 4.3 per cent reduction due to the strength of the Swiss franc compared to many other currencies.
"These factors resulted in a decline in Nestle Group sales by 1.5 per cent to 52.3 billion Swiss francs," the firm said.
Nestle Chief Executive Officer Paul Bulcke said the company delivered a combination of growth and increased profitability in the first half of 2009, amid a very challenging business environment.
In Asia, Oceania and Africa zone, Nestle recorded sales worth 7.7 billion Swiss francs and saw good performances across the emerging markets, including India and China.
Nestle's net debt stood at 17.4 billion Swiss francs in the six months ended June 30, 2009, down from 25.8 billion Swiss francs in the same period a year ago.
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