BELGIUM: Acquisitions boost PinguinLutosa in transitional results
PinguinLutosa is offloading its potato products division to McCain
Belgian food group PinguinLutosa has reported a profit for the first half of its current financial year as it prepares for business without potato division Lutosa.
PinguinLutosa, which has agreed to sell Lutosa to McCain Foods, booked a net profit of EUR10.4m (US$13.3m) for the six months to the end of September. In the first half of the previous financial year, which ran from 1 January to 30 June 2011, PinguinLutosa ran up a loss of EUR12.9m amid high raw material prices.
The company's "continuing operations", its frozen vegetable and canned food businesses, made a profit of EUR1.6m, compared to a loss of EUR10.2m a year earlier.
Its "discontinued" business, Lutosa, generated earnings of EUR8.8m. The unit made a loss of EUR2.6m a year ago.
On a group level, combining Lutosa and the parts of the company that will remain, sales were EUR417.6m. A year earlier, half-year sales reached EUR228.1m. PingunLutosa said those results did not include the frozen assets it acquired from French co-op CECAB nor Belgian canned food business Scana Noliko.
Sales from the discontinued assets were EUR131.8m, compared to EUR123.3m in the first half of 2011.
PinguinLutosa expects to complete the sale of Lutosa to McCain by the end of March.
Click here for our exclusive interview with PinguinLutosa COO Herwig Dejonghe, held at last month's SIAL trade show at Paris, and discussing the Lutosa deal with McCain and the future for the company.
US breakfast cereal group Post Holdings kicks off a relatively quieter week of results with its half-year numbers on Monday. On Tuesday, meat giants Marfig and JBS will report on how it fared in the f...
McCain Foods India previously focused mainly on sales for out-of-home consumption, as the bulk of its business was contributed by quick-service restaurants, hotels and cafés, such as McDonald’s, KFC, ...
- On the move: What's in store from Tesco's new CEO?
- The just-food interview: Premier Foods CEO Darby
- On the money: Can Premier build H2 sales momentum?
- Focus: Lindt plays safe with Russell Stover buy
- Interview: Bell hits out at German cartel ruling
- UPDATE: Premier establishes international unit
- Campbell issues warning on 2014/15 fiscal year
- S&A Foods announces restructure, 55 jobs to go
- Premier launches Oxo pots range in UK
- Universal Robina to buy biscuit firm Griffin's