US-based food company Kellogg has reported that its net income increased by 10.9% to $961m for the full-year 2012, compared to $866m in 2011.
For the year ended 29 December 2012, the company posted 7.6% increase in net sales to $14.19bn, compared to $13.19bn in fiscal 2011.
Kellogg has narrowed down the net loss to $32m for the fourth quarter of 2012, compared to a loss of $195m for the same period in 2011, due to its recent acquisition of the Pringles chips business.
For the quarter, the company's net sales increased by 18.2% to $3.56bn, compared to $3.01bn in the corresponding period of the previous year.
Kellogg Company president and chief executive officer John Bryant said that the company delivered strong performance in the fourth quarter of 2012, continuing the sequential improvement it has witnessed all year.
"We met our goals for full-year internal sales, operating profit and earnings per share growth and we made significant investment in future growth," Bryant added.
Net sales of Kellogg International increased by 30.9% in the fourth quarter and 7.7% in 2012 due to sales growth in Latin America and the Asia Pacific business, while operating profit declined by 4.7% in Q4 and 14.2% for full-year.
Kellogg is a leading producer of cereals, cookies and crackers. Its brands include Cheez-It, Pringles, Coco Pops, Corn Flakes, Eggo, and Frosted Flakes, among others.
