Fresh Del Monte losses accelerate in Q4

Fresh Del Monte losses accelerate in Q4

Fresh Del Monte Produce has revealed that its losses accelerated throughout 2011 as poor economic conditions and rising costs weighed on its European operations.

For the three months to the end of December, Fresh Del Monte said net losses totalled of US$10.1m, compared with losses of $9.6m in the comparable period of last year.

The fresh produce giant also booked a year-on-year decline in sales, which dropped to $780.8m, down from $816.7m in 2010.

Nevertheless, for the full year, net income excluding exceptional items remained fairly steady, dipping slightly to $107.4m, down from $108.2m. Net sales were up 1% to $3.6bn, the company added.

"Despite higher fuel costs worldwide and continued weakness in the European economy which negatively impacted consumer demand for fresh produce, we delivered full-year 2011 results that were significantly higher than 2010," said Mohammad Abu-Ghazaleh, chairman and CEO.

"Throughout the year, we expanded our presence in emerging markets, bolstered our distribution channels and added new product offerings."