SWITZERLAND – Nestle has blamed the strength of the Swiss franc against the dollar for an 18% drop in profits for 2003.

In a statement, the group said that the weak dollar had a 7.6% negative impact on the results. Profit was 2003 was €3.93 billion, down from €4.76 billion in 2002.

Chief executive Peter Brabeck said that the company had seen: “Powerful currency headwinds for the third successive year.” Brabeck said that strong market positions and global reach leave it in a good position for better results in 2004.