Malaysia: Nestle Q3 profit higher on strong demand

PETALING JAYA: Nestle (M) Bhd’s net profit rose a whopping 41.9% year-on-year to RM113.2mil for the third quarter (Q3) ended Sept 30 due to the local economy’s good growth momentum which sustained consumer demand and spending.

Announcing its interim unaudited results to Bursa Malaysia, Nestle said its revenue for Q3 grew 11.8% to RM991.1mil from a year earlier.

“Leveraging on the improved domestic economic situation, most of the product categories performed well and registered a satisfactory growth. This is quite evident for Nestle liquid drinks and chilled dairy which achieved double-digit growth,” the food and beverage giant said.

Its export business continued to perform well, posting a strong double-digit growth for the quarter, it said. “The strong economic growth experienced within the South-East Asian countries helped generate higher demand for the group’s halal products.”