Swiss food giant sees profit skyrocket 69%
Feb 20, 2009 04:30 Swiss company Nestlé SA yesterday reported a 69 per cent increase in full-year net profit thanks largely to the sale of a stake in eye-care company Alcon, and said it aimed to grow sales with low-cost products like bouillon cubes and instant coffee during the global downturn. The food and drinks company – whose brands include Nescafé, Perrier, Jenny Craig and Häagen-Dazs – said net profit rose to 18 billion Swiss francs ($19.3 billion Canadian) from 10.65 billion francs in 2007. That was boosted by a gain of 9.2 billion francs from the sale of a 24.8 per cent share in Alcon to Swiss-based drug maker Novartis AG. Excluding the Alcon deal, Nestlé's net profit would have dropped about 17 per cent to 8.8 billion francs. The company also said the stronger Swiss franc had weighed on sales by 7.8 per cent. http://www.thestar.com/Business/article/590377
