Karachi (Muhammad Yasir) Nestlé Pakistan Limited recorded sales of PKR 29.1 billion for the first quarter ending March 2019, a decrease of 9.0% over the same period of last year on comparable basis. Sales were impacted by the slowdown in the consumer demand mainly due to ongoing economic situation. The results were announced upon the conclusion of the meeting of the Board of Directors on April 29, 2019.
Net profit for the same period decreased by 32.8% to PKR 2.2 billion due to input cost pressures resulting from rising commodity prices, higher energy costs and currency devaluation.
The Company has adopted International Financial Reporting Standards (IFRS)15 for the first time this year. Despite the current challenges, the Company remains focused on meeting the needs of the consumers through value added innovation and renovation of the portfolio and optimization of value chain to ensure sustainable profitable growth.