Food giant Nestle posts rise in profits (AFP)

VEVEY, Switzerland (AFP) - Swiss food giant Nestle said on Thursday that net profit rose 6.1 percent in the first half of the year to 5.2 billion Swiss francs (3.2 billion euros, 4.9 billion dollars). The group's core earnings rose 6.1 percent to 7.3 billion Swiss francs, while sales totalled 53.1 billion Swiss francs, or an increase of 3.8 percent over the same period last year, a statement from the company said. The rise in sales was credited to organic growth and came despite a -8.3 percent impact from foreign exchange, the statement said. For the full year, Nestle said it expects organic growth of at least the 7.4 percent seen in 2007, and improved pretax profit margins. "Our Food and Beverages business will be the key driver of this profitable growth," Chief Executive Officer Paul Bulcke said in a statement. Food and... [read full story]