Ban on Maggi noodles makes Nestle India bottom line take 60 percent

first_imgHit by the ban on sales of Maggi brand noodles, Nestle India Ltd on Thursday reported 60 percent fall in its net profit and 32 percent fall in its net sales for the third quarter.The company follows calendar year as its financial year.In a media statement filed with BSE, Nestle India said its net profit for the third quarter ended September 30, 2015 was Rs.124.2 crore, down from Rs.311.3 crore for the same period the previous year.The company said it had posted a net sales of Rs.1,736.2 crore for the period under review down by 32 percent over 2014 figures.The ban on sales of Maggi noodles impacted the domestic and export sales.According to Suresh Narayanan, chairman and managing director, the company has restarted manufacturing noodles.After testing the products in three accredited laboratories and their clearance the noodles the company is keen on reintroducing the products in the market, he said.Narayanan said that during the quarter under review, the Bombay High Court had set aside the ban on Maggi noodles and ordered that the earlier batches be tested in three accredited laboratories.As per the test results, the lead content in the product is well below the permissible levels, he said.last_img read more

Texas Officials See Long Road From Harvey For State Transportation Network

first_imgBob Daemmrich for The Texas TribuneThe highway into Rockport is still covered in water on Monday, Aug. 28, 2017, days after Hurricane Harvey made landfall.Alongside thousands of Texas homes and businesses impacted by Hurricane Harvey, floodwaters also damaged hundreds of roads and highways across the region.Prolonged flooding can wash out bridges, knock down traffic signals and signs and cause asphalt to buckle. Last week, the federal government directed $25 million to the Texas Department of Transportation to help the agency begin repairing the region’s vast transportation system.But that funding won’t last very long, said TxDOT Deputy Executive Director Marc Williams.“The size and the duration of this storm is beyond anything we’ve ever experienced in this state,” he said.As of Friday, more than 290 roads were closed in the areas affected by Harvey. TxDOT spokesman Bob Kaufman said the agency was making repairs where they could get in. But conditions needed to get better before they can fully begin the recovery process.“While roads are underwater, all we can do is put up barricades and redirect traffic, for the most part,” Williams said.More than 2,400 TxDOT employees are currently addressing the damage from Hurricane Harvey. The department is still assessing the disaster, so they’re unsure of how long recovery will take and the total cost.Texans in Congress are already in the middle of talks to vote on a federal aid package for Harvey recovery efforts later this month.Ryan Murphy/Dartmouth Flood ObservatoryPreliminary flood data collected by the Dartmouth Flood Observatory using satellite imagery shows the extent of flood water across Southeast Texas. Because cloud cover can limit the availability of data, this represents the minimum likely extent of the flood water.On Friday, Gov. Greg Abbott said state lawmakers have “smartly kept a lot of money” in the Rainy Day Fund, the state’s savings account. The fund, which is largely made up of tax revenue on oil and gas production, was projected to have a balance of $10.3 billion at the end of August, according to a recent estimate from the Texas Comptroller’s Office. But Abbott confirmed he didn’t plan to call a special session for Harvey relief, meaning lawmakers are unlikely to use much of that fund until 2019.Hurricane Ike was the last major hurricane to hit Texas in 2008. According to a report issued by TxDOT in 2012, the final cost to repair roads and highways after Ike was over $150 million.State crews managed to clear roads four days after Ike. Hurricane Harvey lingered in Texas for nearly a week, resulting in record-breaking rainfall and extensive flooding. The longer duration of Hurricane Harvey is expected to have caused more damage to the state’s transportation system than Ike.“I think we’re safe to say that it’s going to exceed the $25 million,” Williams said. Sharelast_img read more