GENEVA (AP) — Swiss food giant Nestle is reporting a 37-percent drop in net profit last year largely because of a stronger Swiss franc, a re-evaluation of its stake in a Swiss dermatology care products maker and the impact of a stake in L'Oreal a year earlier.

Nestle reported net income fell to 9.07 billion Swiss francs ($9.15 billion), from 14.46 billion Swiss francs a year earlier, citing the re-evaluation at the Galderma dermatological pharmaceutical business and the 2014 sale of a stake in the French cosmetics company.

Nestle also faced a setback to its Asian operations last year after pulling Maggi noodles from store shelves in India for five months after the popular snack was found to contain lead above permissible limits.

Revenue fell 3 percent to 88.79 billion Swiss francs.