Nestle India reports Q2 loss as noodle scare hits sales

July 29, 2015 18:31

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".

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