FRANCE: Bongrain sees 2007 profits jump
French dairy group Bongrain has enjoyed a jump in annual profits despite a dramatic rise in the price of raw milk and a less than favourable year-end.
Net profit reached EUR161.7m (US$251.9m) in 2007, compared to EUR112.1 for 2006. Turnover was EUR3.4m compared to EUR3.1m in 2006.
In an environment marked by "dramatic changes" in the prices of raw milk, Bongrain continued to see its major brands grow, the company said in a statement.
Bongrain said the start of this year has been marked by "unfavourable developments" in world prices for raw materials and the price of milk in France.
These fluctuations and the problem of passing on the full effects in the sale price will result in significant variations in performance from one period to another for the company, Bongrain warned.
French dairy group Bongrain has posted a significant drop in profits for the first half of the year as a result of "difficult" conditions in the dairy sector and the wider economy....
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