Alcon helps Nestlé to Sfr34bn profits

Nestlé, the world's biggest food business, tripled its net profits to a mouth-watering 34.2bn Swiss francs (£22bn) last year, but warned that it would continue to face "volatile" raw material prices. The Switzerland-based firm, which makes Kit-Kat and Haagen Dazs, grew sales by 6.2 per cent to Sfr110bn, helped by a strong performance in Latin America and Asia.

However, the huge profits at Nestlé were boosted by the sale of its stake in the eyecare firm Alcon and, excluding this transaction, earnings fell by 7 per cent to Sfr9.7bn.

Paul Bulcke, the chief executive of Nestlé, said: "We are starting 2011 with continued momentum, well placed to face uncertainties, including volatile raw material prices."