Nestle says tax effects ate into profits in 2016

Swiss food giant Nestle said Thursday that its headline profits were hit by one-off tax effects in 2016, and expressed caution for the outlook for the current year. Nestle said in a statement that its bottom-line net profit fell by 5.9 percent to 8.5 billion Swiss francs (eight billion euros $8.5 billion) in 2016.
Underlying or operating profit edged up by two percent to 13.7 billion Swiss francs. Group revenues inched up by 0.8 percent to 89.5 billion Swiss francs.