Revenue declined by 3.2% to RM1.78 billion versus RM1.84 billion, the company said in a filing with Bursa Malaysia today.

“This was primarily due to a slight decline in domestic sales compared to the same quarter last year.

“Amid a challenging environment where consumers remain cautious with their spending and facing intense competition, we continued to focus on delivering high-quality products, to meet Malaysians’ expectations of taste, convenience, nutrition, and value,” it said.

On the outlook, Nestle noted that 2024 is shaping up to be a rather challenging period, with pressure on short-term growth stemming from the lingering effects of inflation and foreign exchange volatility on Malaysians’ purchasing power and heightened competition.

At at 4.16pm, Nestle’s share price was down by 20 sen or 0.16% at RM127, giving it a market capitalisation of RM29.7 billion.