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Nestlé Sri Lanka unit December net up 34-pct

ECONOMYNEXT – Nestlé Lanka, the Sri Lankan unit of the food multinational, said December 2016 quarter net profit rose 34 percent to Rs860 million from a year ago.

Sales rose 2 percent to Rs 8.6 billion over the period, according to interim results filed with the stock exchange, but was down from 8.8 billion rupees reported in the September quarter.

“Tax increases resulted in some erosion in the Q4 2016 revenue,” a company statement said.

“The impact of cost increases and taxes was partially mitigated through focus on driving efficiencies across the value chain.”

Earnings per share for the quarter were Rs16.01. Nestlé Lanka shares were last traded at   1,998 rupees.

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