GENEVA, Aug 15: The Swiss-based food giant Nestle on Wednesday reported an 18.7 per cent increase in half year net profits to 4.92 billion Swiss francs (3 billion euros, $4.08 billion) prompting it to raise its growth target for the full year.

Nestle said in a statement that sales had increased by 8.4 per cent in the first six months of the year to 51.11 billion Swiss francs.

Operating earnings before interest and tax (EBIT) grew by 14.2 per cent to 6.92 billion Swiss francs, it added.

Organic growth -- a measure of business performance that excludes financial investments or acquisitions -- reached 7.4pc, above Nestle's target of about five to six per cent for the year.—AFP