ZURICH: Food giant Nestle Thursday said net profits last year rose 20.9 percent to 11.2 billion Swiss francs ($12.7 billion) after increasing prices of its products to offset growing costs.

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The maker of Nespresso, Maggi stock cubes and instant noodles and the Smarties range of sweets said turnover fell 1.5 percent to 93 billion Swiss francs due to a slight fall in sales.