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Nestle India Q4 net profit misses estimates
The net profit was well below the 3.20 billion rupees Nestle India posted a year earlier.
By: Reuters
Mumbai | May 12, 2016 4:48:18 pm
The company had to pull the noodles off the shelves for nearly six months, and restarted sales only in November
Nestle India Ltd reported fourth-quarter net profit below analysts’ estimates as it struggles to regain market share of its once-popular Maggi noodles that were temporarily banned last year over safety concerns.
The India unit of Nestle SA, the world’s largest packaged food company, reported a net profit of 2.59 billion rupees ($38.87 million) for the January-March quarter, while analysts polled by Thomson Reuters had expected 2.87 billion rupees on average.
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The net profit was well below the 3.20 billion rupees Nestle India posted a year earlier, before regulators found some samples of its Maggi noodles contained unsafe levels of lead.
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The company had to pull the noodles off the shelves for nearly six months, and restarted sales only in November, after tests carried out at government-accredited laboratories showed the noodles were safe for consumption.
[youtube https://www.youtube.com/watch?v=videoseries?list=PLrDg7LoYgk9wv_QK-mHWFxTf8Y52LVsNB%5D
First published on: 12-05-2016 at 16:48 IST
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