Nestle posts 8pc decrease in half-year earnings

Company reported net profit of Rs10.069 billion for six-month period, down from Rs10.985 billion during same period last year

By Our Correspondent
July 26, 2024
A view of the Nestle headquarters. — Nestle website/File
A view of the Nestle headquarters. — Nestle website/File  

KARACHI: Nestle Pakistan Ltd on Thursday reported an 8.0 per cent decrease in its half-year earnings, due to an increase in selling expenses.

In a statement to the Pakistan Stock Exchange, the company reported a net profit of Rs10.069 billion for the six-month period that ended June 30, down from Rs10.985 billion during the same period last year. The company also announced an interim cash dividend of Rs111 per share for this period.

Earnings per share came in at Rs222.05, compared with earnings per share of Rs242.25 a year ago.The company said its revenue for the six-month period rose to Rs107.684 billion, compared with Rs101.430 billion a year earlier. The cost of sales also increased to Rs67.925 billion from Rs63.251 billion.

For the quarter that ended June 30, the company announced a net profit of Rs5.002 billion, down from Rs5.324 billion during the same quarter last year. EPS for the quarter was recorded at Rs110.30 compared with Rs117.40 during the same period last year.