BELGIUM: Horsemeat scandal hits Ter Beke's 2013 profits
Terbeke says the horsemeat scandal impacted its 2013 results
Belgian processed meats and ready meals firm Ter Beke has pointed a finger at the horesmeat scandal for a drop in its sales and profits during 2013.
Ter Beke's net profit fell by 24.4% to EUR6.2m. In 2012, its profits were helped by a one-time reversal of impairments on fixed assets.
The firm posted an operating profit drop of 21.9% to EUR10.6m (US$13.7m).
Sales also dipped 3.3% to EUR407.2m. Its ready meals division saw an 11.4% fall in sales "mainly caused by the European consumer's loss of trust in ready meals in general and lasagne in particular", as a result of the horsemeat crisis the group said.
Its processed meats division witnessed an uplift in sales of 0.4% "primarily driven by the growth in the Dutch slicing and packaging activities" and a "thorough cost control programme".
The group expressed confidence that 2014 would be a better year and would "exceed the 2013 result" as "consumer trust in the ready meals category is steadily returning".
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