Nestlé Malaysia first-quarter profit falls 21%, will allocate highest capex in 6 years
Nestlé Malaysia posted profit after tax of 186.31 million ringgit ($43.22 million) for the first quarter of the year, a 20.8% fall from the 235.22 million ringgit it earned in the same period in 2019.
The company was quick to highlight in its media statement on Tuesday (May 5) that revenue was “stable” and “resilient”. Turnover for the three months ending Mar 31 was 1.43 billion ringgit, which is almost flat from the previous year’s corresponding quarter at 1.45 billion ringgit.
“Our results for the quarter appear resilient, given the earlier timing of Chinese New Year and the widespread effects of COVID-19 and the MCO (movement control order) in some sectors of activity,” said CEO Juan Aranols.
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