Nestle Lanka revenue touching Rs 20 b

Nestle Lanka PLC posted a total revenue of Rs. 6.8 billion for the third quarter of the year, marking a total revenue of Rs. 19.6 billion for the nine months ended September 30, 2011. The nine month end figures mark a solid 21.8% year-on-year revenue growth for the subsidiary of the world's largest food and beverage company.

Despite the volatility and overall upward trend in the price of commodities, the company posted a healthy profit growth mainly benefiting from reduction in NBT and corporate taxes.

Basic earnings per share increased to Rs. 14.3 in Q3, up 35% from Rupees 10.6 in the same period of the last financial year. Nestle Lanka Managing Director Alois Hofbauer emphasised that the Company's success lay in its constant 'innovations and renovations' to uphold their consumers' trust in them as a leading Nutrition, Health and Wellness Company. "Constant evolution through renovating existing products and innovating new products ensures that we remain able to deliver on our promise of 'Good Food, Good Life' to all our Sri Lankan consumers, in line with their evolving needs.

A notable mention for Q3 in this regard is the launch of NESLAC Excella 1+, a premium growing up milk developed by our world renowned Nestl‚ Research Centre (NRC) at Lausanne, Switzerland for children between one to three. I have no doubt that our game changing innovations and renovations will result in further market share gains and sustain our winning trend to the end of the year", he said.