Nestle says will steepen cost cutting plan after disappointing resultsFebruary 16, 2017 - 16:03 AMT PanARMENIAN.Net - Nestle, which makes KitKats, Nescafe and Purina pet food, has said it will steepen its cost-cutting plan after unveiling disappointing results, BBC News reports. Net profit for 2016 fell to 8.5bn Swiss francs from 9.1bn a year earlier. Analysts had expected 9.59bn francs' worth of profit. Sluggish food inflation in most of its markets and easing demand in emerging markets saw sales growth slow to 3.2% from 4.2% in 2015. The company has cut its sales growth target to between 2% and 4% for 2017, scrapping its prior "Nestle model" of 5-6% so-called organic growth, which excludes sales from companies it buys. New chief executive Mark Schneider, who took over the role in January, said: "Our 2016 organic growth was at the high end of the industry, but at the lower end of our expectations." Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |