KUALA LUMPUR April 25 — Nestle (Malaysia) Bhd's net profit for the first quarter (1QFY2023) ended March 31, 2023, declined to RM197.15 million compared to RM205.28 million recorded in the same quarter last year.
Its revenue, however, rose to RM1.84 billion from RM1.69 billion previously, the group said in a filing with Bursa Malaysia today.
It said the higher revenue was driven by improved domestic and export sales which rose by 10 and four per cent, respectively, on the back of a strong baseline in the previous year.
"Performance was very solid both in the core food and beverage business as well as the out-of-home business under Nestlé Professional, which continued to be on a positive post-pandemic trajectory," the filing said.
However, it said net profit was lower due to higher commodity prices and unfavourable exchange rates with various cost mitigation measures implemented to minimise the impact on consumers and to protect margins.
"In line with our mission, our performance continues to be based on delivering high-quality, great-tasting and nutritious products that meet the diverse needs of Malaysians. Our wide product portfolio and continuous product innovation help us to remain well in tune with consumers’ expectations,” it said.
Nestle said the focused strategy is well supported by effective consumer engagement and excellence in sales execution across all relevant channels and platforms, including digital and on-ground activation. — Bernama
