Nestlé Lanka reports Rs 28.6 bln revenue for 2012
View(s):Nestlé Lanka PLC says it posted revenues of Rs 28.6 billion for the year to December 2012 with the last quarter yielding Rs. 7.2 billion, in a period affected by volatility in the currency and tough market conditions in 2012.
Net profit for the year was Rs. 2.9 billion which grew in line with revenue growth and also benefitted from tax concessions on investments in fixed assets (all figures are provisional and subject to audit).
“Volatile market conditions, currency depreciation and a significant increase in fuel, energy and input costs posed massive challenges for Nestlé Lanka in 2012. However we’re pleased that we were able to deliver a double digit growth under difficult circumstances. We invested responsibly and sustainably and, with creativity and innovation, laid the foundation for future growth,” noted Ganesan Ampalavanar, the company’s new Managing Director.
In a statement the company said it has invested over Rs 3 billion in the last two years at its Kurunegala manufacturing plant.
Increased procurement of local fresh milk in 2012 and purchase of other raw materials including coconut, marked the company’s highest annual contribution to the rural economy – paying out Rs 4 billion in 2012 to more than 23,000 local farming families, it said.
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