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 | Government reveals details from Pashinyan’s meeting in border village Prime Minister Nikol Pashinyan has met with a group of residents of a border village in Armenia’s northern Tavush province Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. |