Nestle: jump in '08 net profits
The Swiss food giant reports sales growth of CHF 18 billion in 2008.GENEVA - Swiss food giant Nestle said Thursday net profits surged 69.4 percent to CHF 18 billion (EUR 12 billion, USD 15 billion) in 2008 and that it would be among the industry's fastest growing companies in 2009.
Sales reached CHF 109.9 billion, up 2.2 percent compared to 2007, as the strength of the Swiss franc against most other local currencies reduced the results reported in francs.
The group warned the global economic downturn "could further impact consumer demand".
But its chief executive Paul Bulcke said the group is targeting organic growth of around 5 percent in 2009.
"We believe that the group will once again be one of the industry's fastest growing companies in 2009," he said.
[AFP / Expatica]