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Swiss food giant Nestle said on Thursday its net profits had plunged by a lower-than- expected 39 per cent last year due to a strong Swiss franc. Net profit stood at 9.1 billion Swiss francs, lower than the 9.8 billion Swiss francs forecast by analysts.
The company said the lower net profits were “mostly due to the one-off impact from the disposal in 2014 of part of the L’Oreal stake.”
The French cosmetics firm in 2014 bought back an 8-per cent stake that Nestle owned in L’Oreal, boosting the share of the family of heiress Liliane Bettencourt in the company to 33.3 per cent.
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