US: Cheese maker Galaxy swings to profit
Galaxy Nutritional Foods has swung into profit over the last 12 months, a year after generating losses of some US$24m.
The US dairy group posted a net profit of almost US$146,500 for the year to the end of March. The result marked something of a turnaround after the losses of $24.1m.
The turnaround came despite in a fall in revenue, Galaxy said. Net sales reached $27.2m, falling from $37.8m a year earlier. Costs related to disposals weighed on turnover, the company said.
"The reduction in revenues during Fiscal 2007 was primarily due to the elimination of unprofitable and marginally profitable private label accounts and non-branded imitation products, which was part of our turnaround strategy," said Galaxy CEO Michael Broll.
He added: ""The earnings turnaround in Fiscal 2007 reflects an improvement in gross profit margin to 40.3% of sales."
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