Nestlé Sri Lanka unit Dec profits fall on lower sales
ECONOMYNEXT- The Sri Lankan unit of food and beverage multinational Nestlé said profits for the December quarter fell 17.2 percent to 716.89 million rupees amid low sales.
Nestlé reported earnings per share of 13.34 rupees. For the 12 months ended December, the firm earned 47.76 rupees a share on net profits of 2.57 billion rupees, down 26.4 percent.
The Nestlé share had opened trading at 1234.80 rupees on Tuesday.
Revenue for the December quarter grew 1.1 percent to 9.49 billion rupees, while cost of sales rose at a faster 5.1 percent to 6.23 billion rupees, leading to gross profits falling 5.8 percent to 3.26 billion rupees.
Net finance expenses fell 5.6 percent to 76.30 million rupees.
Long-term borrowings fell marginally to 1.98 billion rupees, while short-term borrowings fell 35 percent to 987.58 million rupees.
Nestlé is active in dairy farming and production, instant coffee, confectionary, cereal and instant noodles in Sri Lanka.(Colombo/Mar03/2020)