IRELAND: Fyffes points to organic growth as profits rise
Profits from Fyffes' banana business fell year-on-year
Fyffes booked a 7.7% increase in net profit to EUR25.6m (US$35.5m) for the year to the end of December. EBIT grew 10.6% to EUR31.3m.
The higher earnings came on the back of an improved top line. Total revenue, including the share of joint ventures, was up 6.3% at EUR1.08bn.
The results were announced alongside the company's deal to combine with Chiquita, creating the largest supplier of bananas worldwide, with annual sales of US$4.6bn.
Fyffes chairman David McCann, who will be the CEO of the new ChiquitaFyffes, said his company's 2013 results had built upon a "very strong performance in the previous year" and were "driven mainly by continued organic growth".
Higher selling prices for bananas and pineapples, combined with organic growth from bananas and melons, helped Fyffes' sales.
However, profits from Fyffes' banana business were "slightly down" amid higher input costs and pressure from forex.
For news of Fyffes' planned merger with Chiquita click here.
For Fyffes' full results announcement click here.
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