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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Nestle posts huge 2010 profit of $35.7 bn AFP - Friday, February 18 Send IM Story Print VEVEY, Switzerland (AFP) - – The world's biggest food company Nestle said on Thursday its 2010 net profits more than trebled to 34.2 billion francs ($35.7 billion, 26.3 billion euros) on the sale of eyecare group Alcon. The sale of its Alcon stake to Swiss health giant Novartis contributed 24.5 billion francs to Nestle's bottomline after the company reported 2009 earnings of 10.4 billion francs. The Swiss-based group also issued a positive outlook for 2011, saying that it was starting the year with "continued momentum, well placed to face uncertainties ahead, including volatile raw material prices." Nestle chief executive officer Paul Bulcke acknowledged that commodity prices were proving to be a "big challenge." Referring to a political stalemate in Ivory Coast, the world's biggest cocoa producer and exporter, Bulcke said: "We hope that the political trouble will be quickly resolved in a peaceful manner. "If the situation persists, we risk suffering ... dramatic consequences." Sales generated by the food giant came to 104.6 billion francs, in line with analysts' expectations. "In 2010, we delivered another year of strong top and bottom line growth, outperforming the market," said Bulcke, adding: "All over the world in all categories, the figures were good." The Americas remained the group's biggest revenue generator, with 34.3 billion francs last year, up 5.9 percent in organic growth. Petfood and chocolates sold well, said Nestle, but frozen prepared meals were weak. In Europe, sales were up 2.5 percent to 21.6 billion francs while Asia, Oceania and Africa gained 8.7 percent 17.4 billion francs. Nescafe proved to be a hit in Japan, with about half a million of coffee making machines sold. The group proposed to cancel some 25 billion francs worth of shares bought back last year, as well as another 10 billion francs worth to be repurchased this year, a move that could strengthen share prices. It also offered a 15.6 percent increase in dividend to 1.85 francs per share. The group announced it was proposing to elect a new member, former UNICEF chief Ann Veneman, to its board. Analysts were largely satisfied with the results. Bank Helvea described them as a "convincing set of results, especially with a very strong top line growth." Bank Vontobel also praised the group's sales growth, although it said it was disappointed that Nestle did not announce an additional shares buy-back given the high cash flow. At midday, Nestle shares were up 0.86 percent at 52.90 francs, outperforming the overall Swiss Market Index, which was down 0.25 percent. Recommend Send IM Story Print Related Articles Berlin eyes EADS power balance as Daimler offers stake Reuters - 39 minutes ago US-BUSINESS Summary Reuters - 39 minutes ago Top global holder Rosneft ups oil reserves Reuters - 47 minutes ago Special report: China flexed its muscles using U.S. Treasuries Reuters - 47 minutes ago Gruzdev in talks to buy upto 46 pct of RGI -sources Reuters - 49 minutes ago News Search Top Stories US price increases hit consumers Russian police raid office of richest woman Huge solar flare jams radio, satellite signals: NASA Thawing permafrost may speed global warming: study William and Kate to tour Canada after wedding More Top Stories » ADVERTISEMENT Most Popular Most Viewed US golfer Woods finds old habits hard to shake Russia loses military satellite: reports US auto sales jump 17 percent in January Dow closes over 12,000 for first time since June 2008 Egypt's Mubarak to step down at September election More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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