February 23, 2017

Nestle reports net decline of 8.66% in its fourth quarter

16 February 2017, 01:25 | Winifred Adams

Nestle said full year net profit came in at Sfr8.5 billion, missing analysts' estimates of Sfr9.59 billion on sales of just under SFr90 billion.

CEO Mark Schneider said the group's new organic sales growth target of between 2% and 4% was "prudent" given the global economic uncertainty and what he described as a deflationary environment.

Swiss food giant Nestle said Thursday that its headline profits were hit by one-off tax effects in 2016, and expressed caution for the outlook for the current year.

Underlying earnings per share were 3.40 francs, up 3.4 percent in constant currency.

Revenues rose 0.8% to 89.47 billion Swiss francs (£71.4 billion) over the period, but it had to stomach a double-digit decline from Chinese food company Yinlu, in which Nestle took a 60% stake in 2011.

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"In 2017, we expect organic growth between two and four percent".

Growth in emerging markets slowed to 5.3 percent from 7.0 percent a year ago, hit by continuing problems at the Yinlu drinks business in China.

In 2016, restructuring costs amounted to 300 million Swiss francs. We saw a solid trading operating profit margin improvement and our cash flow grew significantly.

Nestle proposed to increase its dividend to 2.30 francs per share, after 2.25 francs past year.

The company at its meeting held on February 15, has recommended final dividend for the year 2016 of Rs 23 per equity shares of Rs 10 each and its 58th Annual General Meeting will be held on May 11, 2017.

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