NESTLE S. A., the world's largest food and beverage company in terms of revenue, is relocating its Regional Treasury Centre in Asia Pacific from Manila to Malaysia and Singapore by year-end, with Malaysia responsible for cash management, and Singapore financial and capital markets.
In a statement, the company said: ”All operational companies in the Asia-Pacific region will benefit in terms of shared services.”
In a separate statement, the company reported a 2.5% increase in turnover to 42.454 billion Swiss francs for the half-year to June 30, compared with 41.437 billion in the corresponding period last year.
Net profit was up 2.1% to 2.84 billion francs from 2.78 billion before.
Nestle vice-chairman and chief executive officer Peter Brabeck-Letmathe said: “Nestlé's results for the first half of 2004 are resilient in the face of higher raw material prices, poor weather conditions and continued challenging trading conditions in western Europe.”