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Nestle profit jumps 24% on sale of skin health operations

The sale of Nestle’s skin medicine branch brought a windfall for the Swiss food giant last year, which reported on Thursday that its net profit increased 24.4 percent to 12.6 billion Swiss francs (12.9 million dollars). The 10.2-billion-franc handover of Nestle Skin Health to Swedish, Canadian and Abu Dhabi investors was part of Nestle’s ongoing efforts to focus on more promising products in its core food and beverage business. Revenues increased by 1.2 percent to 92.6 billion francs year-on-year. However, the company’s sales growth, which excludes foreign exchange effects and the sale of subsidiaries, stood at 3.5 percent, the highest rate since 2015. (afp)

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