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Q1 Profit Slides As Nestlé Pakistan Posts Hike In Revenues

April 30, 2020: 12:00 AM EST

Nestlé Pakistan posted healthy first quarter (January to March) revenues of $189 billion, a 2.6 percent increase over last year, despite COVID-19 lockdowns that severely impacted the sales of juices and water as well as products for the out-of-home channel. The Afghanistan border closure also had a major impact on exports. Despite the rise in revenues, net profit for the same period slid 33 percent because of higher financing costs, currency devaluation, higher input and energy costs, and the imposition of sales tax and federal excise duties on milk powder and beverages. In a statement, the company pledged to prioritize the health and wellbeing of its employees, foster business continuity, and support communities with relief efforts.[Image Credit: © Canon/Nestle]
"Nestlé Pakistan announces financial results – boasts 29.8 billion in revenue", Global Village Space, April 30, 2020, © Global Village Space
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