Nestle profits hit a new record

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Nestle has announced record profits as it moves from processing commodities such as coffee and cocoa to making more profitable, nutritional items.

Full-year net profit rose 13.8% to 9.2bn Swiss francs ($7.4bn; Â£3.8bn).

During the year, Nestle sold about $800m worth of units that processed cocoa, coffee and dairy products.

The company also spent $3.8bn (Â£1.9bn) on acquisitions, including the $2.5bn it spent on buying a medical nutrition business from Novartis.

Buying the Novartis unit made Nestle the world's second biggest provider of nutritional supplements for hospitals.

The company also bought Jenny Craig of the US for $600m to enter the market for slimming products and diet foods.