The Telegraph
Since 1st March, 1999
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Nestle posts 16% higher net profit

New Delhi, March 7: Nestle India, the local unit of the Switzerland-based FMCG major, has declared a 16.4 per cent higher net profit at Rs 201.52 crore for 12 months ended December 2002 on 6.6 per cent higher net sales at Rs 2,047 crore. Nestle India’s board, which met today to approve the results, has already paid an interim dividend of Rs 18 per equity share. It said Nestle India has written down the fixed assets relating to the water and instant tea businesses to their recoverable amounts. Besides, those relating to the chocolate and confectionery business have also been written down to their recoverable amounts.

Meanwhile, the Nestle India board today re-appointed Carlo M. Dontai as chairman and managing director for another five years.

“The board acknowledged that the company has delivered this sustained good performance under the leadership of Carlo M. Donati and re-appointed him, subject to shareholders’ approval, as the CMD for further five years,” a statement issued by the company said.

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