17 Feb '11, 7am

Nestle posts extraordinary 2010 profit of US$35.7b

Nestle posts extraordinary 2010 profit of US$35.7b

VEVEY, Switzerland: The world's biggest food company Nestle said on Thursday its 2010 net profits more than trebled to 34.2 billion francs ($35.7 billion, 26.3 billion euros) on the sale of eyecare group Alcon. The sale of its Alcon stake to Swiss health giant Novartis contributed 24.5 billion francs to Nestle's bottomline after the company reported 2009 earnings of 10.4 billion francs. The Swiss-based group also issued a positive outlook for 2011, saying that it was starting the year with "continued momentum, well placed to face uncertainties ahead, including volatile raw material prices." Nestle chief executive officer Paul Bulcke acknowledged that commodity prices were proving to be a "big challenge." Referring to a political stalemate in Ivory Coast, the world's biggest cocoa producer and exporter, Bulcke said: "We hope that the political trouble will be quickly resolv...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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