VEVEY (dpa-AFX) - Nestle S.A. (NSRGY.PK) Thursday reported net profit of CHF 5.644 billion or CHF 2.16 per share for the first half, compared with CHF 5.649 billion or CHF 2.13 per share in the same period a year ago.
Excluding one-time items, underlying earnings per share decreased by 1 percent year-on-year to CHF 2.40. In constant currency, underlying earnings per share increased 3.3 percent to CHF 2.51.
Profit before taxes, associates and joint ventures increased to CHF 6.707 billion from CHF 6.565 billion last year.
Trading operating profit slightly increased to CHF 7.398 billion from CHF 7.351 billion a year ago.
Excluding one-time items, underlying trading operating profit was CHF 7.841 billion, down from CHF 7.904 billion last year.
Sales for the period declined 2.7 percent to CHF 45.045 billion from CHF 46.293 billion in the previous year. Sales were negatively impacted by 4.4 percent from foreign exchange and 0.4 percent from divestitures largely related to the creation of a joint venture with PAI Partners for Nestle's frozen pizza business in Europe.
On an organic basis, sales grew 2.1 percent
Looking ahead, Nestle now expects organic sales to grow at least 3 percent, lower than the previous outlook for organic sales growth of around 4 percent.
Underlying earnings per share in constant currency is now expected to increase at a mid single-digit rate, compared with prior guidance of 6 percent to 10 percent growth.
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