IRELAND: Fyffes reaffirms earnings target
Ireland-based produce group Fyffes said today (13 May) that it remains "on course" to meet its earnings targets for this year.
Fyffes, which this week announced that it had bought a pineapple business in Panama, said trading had been in line with expectations".
"Fyffes has previously indicated that it is targeting an adjusted EBIT for 2009 in the range of EUR14-18m (US$19.1-24.6m)," the company said. "While it is relatively early in the year, Fyffes remains on course to achieve its earnings target for 2009."
In March, Fyffes revealed that full-year profits had plummeted due to a loss from a property investment and increased costs.
Net income for the 12 months ended 31 December sank to EUR70,000, down from EUR9.3m last year, and pre-tax profit before one-time items declined to EUR15.9m, down from EUR18.4m.
Profits were dented by a loss of EUR28.6m from Fyffes' share of Blackrock International Land.
Irish fresh produce group Fyffes has benefited from increased banana consumption during the recession, a spokesperson for the group told just-food....
Fyffes has raised its outlook for the full year, as the Irish produce company posted a jump in first-half pre-tax profits, driven by higher selling prices and gains from currency hedging....
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