Financial Daily from THE HINDU group of publications
Friday, Oct 29, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 29, 2004 |
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Corporate Results
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Food & Dairy Products Nestle India net dips 9.4% Our Bureau
NEW DELHI: FMCG major, Nestle India, has reported a 9.4 per cent dip in net profit at Rs 68.85 crore for the quarter ended September 30, 2004. Net sales during the period, however, went up by 5.1 per cent on a quarter-on-quarter basis at Rs 560.02 crore, a company statement said here on Thursday. Domestic sales during the quarter stood at Rs 530.61 crore, up 4.8 per cent over the same period last year. Export sales during the quarter grew by 7.5 per cent to Rs 65.60 crore. According to the company statement, after stripping out the non-comparable items under the "impairments" and "provision for contingencies" heads, the adjusted net profit has dipped by 4.7 per cent. The decrease in profit has been attributed mainly to "continuing higher commodity prices, higher tax cost (resulting from the gradual phasing out of tax holiday benefits on exports and the imposition of Education Cess) and lower Other Income." Tight control over other fixed costs has partly offset the adverse trend, the statement said.
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