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Nestle India reports Q2 loss as noodle scare hits sales
July 29, 2015
The unit of Swiss food giant Nestle SA said on Wednesday that net loss for its second quarter ended June was Rs 644 million ($10 million), compared with a profit of Rs 288 crore or Rs 2.88 billion a year earlier.
Sales fell 20 per cent to Rs 1934 crore or 19.34 billion.
The company reported one-off costs of Rs 452 crore or Rs 4.52 billion rupees in the quarter. Nestle has been at the centre of India's worst food scare in a decade after local regulators reported that some packets of the company's Maggi instant noodles -- one of India's most popular snacks -- contained dangerous levels of lead. India's food safety regulator banned Maggi last month, calling it "unsafe and hazardous for human consumption".