Swiss food giant Nestlé has said its Latin America business is performing well, despite lower-than-expected demand in Brazil.

“All in all I would say (it is going fine),” chief executive Peter Brabeck was quoted by Reuters as saying. “Except Brazil where I had hoped there would be a little bit more dynamic on the local demand side.”

Brabeck’s comments came at the end of an investor conference, during which the company has said its cost-savings programmes and integration of recent acquisitions are on track.

Nestlé’s sales in Latin American and the Caribbean were around CHF9bn (US$7.2bn) in 2003, compared to the group total of CHF88bn.