This article is from the source 'washpo' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.washingtonpost.com/world/europe/nestle-net-profit-dips-37-pct-over-strong-franc-deal-making/2016/02/18/0a17c02c-d611-11e5-a65b-587e721fb231_story.html

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Nestle net profit dips 37 pct over strong franc, deal-making Nestle profit dips due to strong franc, deal-making
(about 5 hours later)
GENEVA — Swiss food giant Nestle is reporting a 37-percent drop in net profit last year largely because of a stronger Swiss franc, a re-evaluation of its stake in a Swiss dermatology care products maker and the impact of a stake in L’Oreal a year earlier. GENEVA — Swiss food giant Nestle has reported a drop in profit and sales last year largely because of a stronger Swiss franc, a re-evaluation of some operations and the sale of a stake in L’Oreal a year earlier.
Nestle reported net income fell to 9.07 billion Swiss francs ($9.15 billion), from 14.46 billion Swiss francs a year earlier, citing the re-evaluation at the Galderma dermatological pharmaceutical business and the 2014 sale of a stake in the French cosmetics company. Nestle said Thursday that net income fell 37 percent to 9.07 billion Swiss francs ($9.15 billion), from 14.46 billion Swiss francs a year earlier.
Nestle also faced a setback to its Asian operations last year after pulling Maggi noodles from store shelves in India for five months after the popular snack was found to contain lead above permissible limits. It cited the re-evaluation of Galderma, its Swiss dermatological pharmaceutical business, as well as the impact of its 2014 sale of a stake in the French cosmetics company.
Revenue fell 3 percent to 88.79 billion Swiss francs. The company based in Vevey, Switzerland, also faced a setback to its Asian operations last year after pulling Maggi noodles from store shelves in India for five months after the popular snack was found to contain lead above permissible limits.
Overall revenue fell 3 percent to 88.79 billion Swiss francs.
Shares in the company were down about 3 percent at 71.90 francs in European midday trading.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.