USA: Chiquita announces loss of US$57m for 2001
Cincinnati-based fruits and vegetables producer and distributer Chiquita Brands International today [Tuesday] reported that its EBITDA for 2001 reached US$155m, up from US$145m in 2000. The improvement in results occurred in the company's Fresh Produce business primarily as a result of higher European banana pricing and volume. The benefit of the higher pricing and volume more than offset the substantial negative effect on earnings resulting from weak European currencies in relation to the US dollar. The company's Processed Foods operating results declined primarily due to lower pricing on canned vegetables throughout the year, as the industry was reducing inventory levels.
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