Nestlé Posts 18% H1 Profits Surge, Will Buy back Shares

17 August 2007

VEVERY, Switzerland: The galaxy's largest prepared foods company Nestlé of Switzerland doesn't report quarterly earnings. Like many other European giants it refuses to pander to every whim of the gods of investment banking.

However, it does deign to inform the world of its half-yearly numbers - on this occasion a fizzing 18% profits uplift to SF4.92 billion ($4.04bn; €2.30bn; £2.03bn) versus SF4.16bn in the year-ago period.

The foods titan also announced its intention to embark on a three-year shares buyback program that will cost it SF25bn - or around fourteen percent of its market capitalization.

Said Nestlé chairman/ceo Peter Brabeck-Letmathe (above): "These results are due to the strong performance of the Food and Beverages business and Nestlé's ongoing transformation into the world's leading nutrition, health and wellness company."

Data sourced from Wall Street Journal Online. additional content by WARC staff