Nestle Sri Lanka unit says coconut milk exports, profits up

May 08, 2014 (LBO) – Nestle Lanka Plc said profits rose 20 percent from a year earlier to 1.1 billion rupees in the March 2014 quarter with revenue gains helped by exports coconut milk powder.

In the March quarter the firm had launched cold beverage vending machines that which dispense Nescafé ice coffee and Nestea ice lemon tea.

The firm reported earnings of 20.54 rupees per share for the quarter.

Revenues rose 11 percent to 8.59 billion rupees in the quarter form a year earlier and costs rose at a slower 8 percent to 5.4 billion rupees, allowing the firm to grow gross profits 15 percent to 3.1 billion rupees.

Double digit revenue growth was helped by exports of Maggi coconut milk powder.

“Our continued investments in 2013 and 2014 in marketing of our brands set the foundation for us to further leverage our assets, our scale and our capabilities and to work smarter,” Managing Director Ganesan Ampalavanar said in a statement.

“This has enabled us to deliver a solid performance for the first quarter, thanks in large to the steadfast work and alignment of our people towards our goals and priorities for the year.

“We aim to continue being disciplined in driving and sustaining this good performance for the rest of 2014.”