Fyffes, the Irish-based banana company, has reported that profits for the 12 months to the end of October 2000 slipped to €26m from €31.2m.

Fyffes recorded a loss of €17m on its e-commerce activities, which included its pull out of the Worldoffruit exchange costing €15.6m, while its share of costs in its Ingredientsnet joint venture amounted to €1.3m.

The company said market conditions for the banana industry in 2000 were tough and that the strong growth of recent years had gone into reverse.

The company said it has restructured to take costs out of its operations but this year's results were still dependent on market conditions.