NestlÃ© Sri Lanka unit Sept quarter profit up 4.6-pct
ECONOMYNEXT – Nestlé Lanka said net profit for the September 2016 quarter rose 4.6% to Rs1.07 billion from a year ago as it faced “stiff cost challenges and volatile market conditions”.
Sales of the food multinational’s local unit rose 3.3% to Rs8.8 billion over the period, according to interim results filed with the stock exchange.
September quarter earnings per share were Rs19.97. EPS for the first nine months of 2016 were Rs65.87 with net profit almost stagnant, at Rs3.5 billion, up just 1.6% and sales up 6.1% to Rs27.8 billion.
Nestlé Lanka said in a statement the company faced “stiff cost challenges and volatile market conditions, the impact of which was minimized through cost optimization measures and consumer led initiatives providing more value.”
It said the company launched Nescafé 3 in 1 coffee mix, using the Nestlé group’s strong R&D capability and Nestle Lanka’s expertise in understanding local consumer preferences.
It also launched Maggi noodles with a chicken flavour called Maggi Daiya – a spicier variant fortified with calcium.
(COLOMBO, Nov 10, 2016)