KUALA LUMPUR, April 29 (Bernama) -- Nestle (Malaysia) Bhd recorded a lower net profit of RM195.51 million in the first quarter ended March 31, 2024 (1Q 2024) from RM197.15 million a year ago.
Revenue declined by 3.2 per cent to RM1.78 billion versus RM1.84 billion, the company said in a filing with Bursa Malaysia today.
“This was primarily due to a slight decline in domestic sales compared to the same quarter last year.
“Amidst a challenging environment where consumers remained cautious with their spending and faced intense competition, we continued to focus on delivering high-quality products, to meet Malaysians' expectations of taste, convenience, nutrition and value,” it said.
On the outlook, Nestle noted that 2024 is shaping up to be a rather challenging period, with pressure on short-term growth stemming from the lingering effects of inflation and foreign exchange volatility on Malaysians' purchasing power and heightened competition.
-- BERNAMA
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