Nestle Pakistan revenues rise
The Swiss food giant saw its revenues rise 16% to Rs74 billion compared to Rs64 billion in the corresponding period of last year. STOCK IMAGE
Nestle Pakistan has boosted its net earnings by a staggering 43% on a year-on-year basis in the nine months ended September 30, 2014, according to the company’s financial results.
The Pakistani subsidiary of the world’s largest food and consumer goods company reported a net profit of Rs6.4 billion or Rs141 per share for the January-September period of 2014 compared to Rs4.4 billion or Rs99 per share during the corresponding period of previous year.
The Swiss food giant saw its revenues rise 16% to Rs74 billion compared to Rs64 billion in the corresponding period of last year. The company also announced an interim cash dividend of Rs50 per share for the quarter ended September 30, 2014, which was in addition to the first cash dividend of Rs30 per share, which was already paid.
Though the expectations usually remained low for the July-September quarter, the results still didn’t meet the projections. It was expected that Nestle’s earnings per share (EPS), which was Rs56 for the April-June quarter, would not fall below Rs45 in the third quarter. However, the company’s EPS for the third quarter stood at Rs39 per share, according to the results.