Fiffes profits fell in the first half

Fiffes profits fell in the first half

Irish produce group Fyffes said trading conditions were difficult for much of the first half of the year as it booked a drop in profits.

For the six-month period net profits slid to EUR9.4m (US$12.1m) from EUR10.9m in the prior year period.

Adjusted EBITA dropped to EUR13.1m from EUR18.1m in the same period last year.

Total revenue however, amounted to EUR403m in the first six months of 2010, 1% higher than the same period last year. Sales were higher in the group’s US winter melon category and lower in the banana and pineapple categories during the first half.

David McCann, chairman, said: “Trading conditions were difficult for much of the first half of the year as previously indicated, resulting in a significant reduction in profits in the group’s banana category. Market conditions have normalised during the summer months. The group continues to pursue increases in selling prices in all markets. Fyffes is maintaining its EUR14-18m target EBITA for the full year.”

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