Nestle (Malaysia) : Third-Quarter Net Profit Slid 14% as Sales Fell

By Chester Tay

Nestle (Malaysia) Bhd.'s third-quarter net profit slid 14% from a year earlier due to weaker sales from the hotel, restaurant and café channels.

Net profit fell to 128.4 million ringgit ($31.3 million), while revenue declined 0.9% to MYR1.39 billion, the food company said Tuesday.

For the first nine months of the year, net profit slumped 22% to MYR420.2 million, while revenue dropped 3.5% to MYR4.04 billion.

Nestle said challenges are expected to persist in the near term, but added that it believes longer-term prospects are positive.

Write to Chester Tay at [e-mail]

(END) Dow Jones Newswires

11-10-20 0049ET