US: Galaxy FY profits up thanks to price hikes
Galaxy Nutritional Foods, the US natural and organic dairy firm, saw full-year profits more than double over the last 12 months.
The company booked income from operations of US$1.8m for the year to 31 March, a jump from $892,561 a year earlier.
However, net sales dipped from $27.2m to $25.2m and rising commodity costs weighed on margins.
CEO Michael Broll said a series of price increases had helped offset the pressure from rising commodity costs during the second half of the company's fiscal year.
"The last half of fiscal 2008 brought sharp, continuous cost increases in critical commodities that squeezed our margins but with selective price increases, reductions in other costs and emphasis on non-casein products, Galaxy delivered solid operating profits," Broll said.
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