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 | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |