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26 February, 2014 08:50 AM Source: Lanka Business Online - LBO
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Feb 26, 2014 (LBO) - Profits at Nestle Lanka Plc fell 22 percent to 697 million rupees in the December 2013 quarter amid weak consumer confidence the company said, though domestic milk collections were up.

The firm reported earnings of 12.99 rupees for the quarter. In the year to December the firm reported earnings of 61.51 rupees on total profits of 3.3 billion rupees, which were up 12.5 percent from a year earlier.
The stock closed at 1,990 down 10 rupees Tuesday.

Nestle said revenues rose 8.2 percent to 7.8 billion rupees and expenses rose at a faster 9.1 percent to 5.2 billion rupees and gross profits also grew 6.3 percent to 2.5 billion rupees.

"The macro-environment in 2013 was one of soft growth; fraught with lowered consumer confidence, industry issues and economic ambiguity," managing director Ganesan Ampalavanar said in a statement.

"Our response was to increase brand support, accelerate innovation, invest in our people, continue responsible business operations and provide consumers with nutritionally superior food and beverages of the highest safety and quality."

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