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Nestle: No immediate plans to increase prices
Published: 2012/04/27
NESTLE (Malaysia) Bhd has no immediate plans to increase its food and beverage pricing despite having to stomach costly ingredients like coffee beans, cocoa powder, milk solids and palm oil.
"There are no plans to raise prices, if at all possible," said managing director Peter R. Vogt.
While acknowledging agricultural commodity prices will continue to trade in volatile bandwidths, he said the group will remain vigilant.
The company will continue to buy forward and hedge to minimise impacts of price fluctuation, he said.
"We don't foresee any big spikes in the immediate term. We'll also continue to improve on productivity and cost efficiency to overcome commodity price increases," he told reporters after the company's shareholders' meeting here yesterday.
Vogt said the last time Nestle raised product pricing was early last year. "There was no price increase in Milo since the second quarter of 2011."
Last year, the group added new capacity to its 3-in-1 packing, KIT KAT and chilled dairy factory in Shah Alam. It also put up a new noodle production line in East Malaysia and a new wafer line in Chembong, Negeri Sembilan.
This year, Vogt said Nestle's capital expenditure of RM180 million will go to further factory upgrades.
"Since we bought the piece of land adjacent to our Shah Alam factory, we're now planning the factory layout. The big investment will only come in 2013 and 2014."
It was reported that Nestle Products Sdn Bhd applied to the Malaysia Competition Commission (MyCC) for exemptions from complying with the Competition Act 2010.
In response, Vogt said, "we've asked MyCC for guidance and clarity on certain exemptions that would allow us to continue doing business the way we do. When asked to elaborate on the specifics of Nestle's request to MyCC, he replied, "we're not at liberty to reveal the details."
In its filing to the stock exchange yesterday, Nestle said despite costlier ingredients, its net profits for the quarter ended March 2012 went up 7.4 per cent to RM158.1 million.
Read more: Nestle: No immediate plans to increase prices Current ... icle/#ixzz1tEyGEG6Y |
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