Swiss food giant Nestle has reported a drop in profit and sales last year largely because of a stronger Swiss franc, a re-evaluation of some operations and the sale of a stake in L'Oreal a year earlier.
Nestle said today that net income fell 37 percent to 9.07 billion Swiss francs from 14.46 billion Swiss francs a year earlier.
It cited the re-evaluation of Galderma, its Swiss dermatological pharmaceutical business, as well as the impact of its 2014 sale of a stake in the French cosmetics company.
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Overall revenue fell 3 percent to 88.79 billion Swiss francs.
Shares in the company were down about 3 percent at 71.90 francs in European midday trading.