SWITZ: Bell Group posts drop in profit, lowers forecast
Swiss meat processor Bell Group posted a drop in half-year net profit today (13 August) and lowered its forecast for the second half of the year.
For the six-month period, net profit dropped to CHF21.8m (US$20.4m), a decrease of 5.9% year-on-year. EBITDA, however, improved by CHF24m to reach CHF83m.
The company also experienced sales growth of around 40%, climbing to CHF35m, boosted by last year's foreign acquisitions.
Bell's poultry division enjoyed above-average sales growth, with net revenue improving by 3.8% to CHF178.4m. Sales in the group's seafood division climbed to CHF45.7m, a 12.8% increase, while the company's convenience division saw sales increase 5.2% to reach CHF 35.6m.
Despite this, Bell said it expects lower sales growth in the second half for Switzerland, and believes that the persistent economic crisis will also affect food sales.
Excluding unexpected changes to the consumer environment, Bell said it expects the annual result after goodwill write-downs to be "slightly lower" year-on-year.
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