Swiss food giant Nestle said Thursday net profits surged 69.4 percent to 18 billion Swiss francs (12 billion euros, 15 billion dollars) in 2008 and that it would be among the industry's fastest growing companies this year, AFP reported.
Sales reached 109.9 billion francs, up 2.2 percent compared to the previous year, as the strength of the Swiss franc against most other local currencies dented the results reported in francs.
The group warned the global economic downturn "could further impact consumer demand."
Nevertheless, its chief executive Paul Bulcke said the group is targeting organic growth of around 5 percent this year.
"We believe that the group will once again be one of the industry's fastest growing companies in 2009," he said.
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