Sri Lanka’s Nestle Lanka says, it has procured over five million liters of local diary milk during September, the highest ever, the firm has purchased during a single month.
The company says, as of now it is working with 18,000 dairy farmers in the Island and is hoping to contribute Rs. 2.6 billion to the rural economy during the ongoing financial year.
“Despite the difficult conditions we currently operate in, Nestlé Lanka continues to uphold its commitment towards the development of the country’s rural economy”, Managing Director of Nestlé Lanka PLC, Alois Hofbauer was quoted saying in a statement issued by the firm.
Meanwhile, the firm, a unit of Swiss based Nestle says, its revenues during the first nine months of the year 2012 rose by 10.2% to reach Rs. 21.6 billion, amidst a challenging market environment.
“The current volatile market conditions, with the currency depreciation and a significant increase in fuel, energy and input costs posed massive challenges for Nestlé Lanka this year”, added the firm in its statement issued.
However, the firm says, a series of price increases, cost saving initiatives and tax relief relating to the investments made by the company in the last two years, helped it to offset most of the impacts which came from volatile market conditions.
“Net profit for the period shows a marginal improvement”, added Nestle Lanka.