US: Fresh Del Monte earnings down on higher costs

By: just-food.com | 28 October 2008

Higher costs and unfavourable foreign exchange rates resulted in a drop in profits for US fruit and veg group Fresh Del Monte Produce.

The company earned US$29.3m in the three months ended 26 September, down from the $29.9m it earned in the same period last year.

Net sales reached $832.9m from $757.1m in the comparable period for 2007, while operating income also saw an increase, reaching $37.9m from $25.9m in fiscal 2007.

Operating income reached $37.9m from $25.9m in the comparable period last year.

"We made significant gains in the third quarter despite the fact that we continued to experience higher fruit production, procurement and logistic costs. This quarter's performance once again demonstrates our mandate to control expenditures, improve efficiencies, and increase profitability," said Mohammad Abu-Ghazaleh, chairman and CEO of Fresh Del Monte.

Sectors: Fresh produce