Nestle posts jump in net profits to 18 bn francs

GENEVA: Swiss food giant Nestle said on Thursday net profits surged 69.4 per cent to 18 billion Swiss francs (12 billion euros, 15 billion dollars) in 2008 and that it would be among the industry's fastest growing companies this year.

Sales reached 109.9 billion francs, up 2.2 per cent compared to the previous year, as the strength of the Swiss franc against most other local currencies dented the results reported in francs.

The group warned the global economic downturn "could further impact consumer demand."

Nevertheless, its chief executive Paul Bulcke said the group is targeting organic growth of around 5 per cent this year.

"We believe that the group will once again be one of the industry's fastest growing companies in 2009," he said.