Nestle Malaysia posts lower second-quarter profit on impact of pandemic-hit HORECA sector
Nestle Malaysia posted a lower profit for the second-quarter as COVID-19 restrictions hit the country’s hotel, restaurant and café businesses, impacting the company’s Professional business line.
The packaged food company said operational restrictions on HORECA “had some material impact” on its Professional business that serves out-of-home channels, as well as its Ready-to-Drink and some food products.
“Despite a temporary contraction versus the baseline period derived from these COVID-related challenges, the situation in HORECA channels is progressively improving as Malaysia entered into the Recovery MCO phase (RMCO) in June,” Nestle Malaysia said in a bourse filing on Tuesday (August 25).
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