US: Higher banana, prepared food prices drive Fresh Del Monte Q1 profits
By just-food.com | 3 May 2011
Improved prices for bananas and prepared foods helped drive profits at Fresh Del Monte Produce during the first quarter of 2011.
The US-based company said today (3 May) that net income climbed to US$55.2m in the three months to 1 April, up from $36.2m a year earlier.
Operating income grew 36% to $74.9m as gross profit - helped by higher banana and prepared food prices - rose by almost a quarter.
Net sales, meanwhile, increased by 3% to $974m, the company said.
Chairman and CEO Mohammad Abu-Ghazaleh said Fresh Del Monte had delivered a "solid" performance in the quarter.
"We experienced increased global demand for Del Monte bananas during the quarter, and we worked hard to fill the demand during a period when adverse weather conditions tightened industry-wide production," Abu-Ghazaleh said. "At the same time, we continue to keep our company's financials strong and operating structure lean in order to be ready to capitalise on new product and market opportunities."
Sectors: Financials, Fresh produce
Companies: Fresh Del Monte Produce
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US: Higher banana, prepared food prices drive Fresh Del Monte Q1 profits
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