USA: International Multifoods posts drop in Q1 operating profit
Branded food manufacturer International Multifoods has reported a drop in quarterly operating profit, hit by higher commodity costs and lower pension income. Minneapolis-based Multifoods reported earnings for the fiscal first quarter to 31 May, excluding restructuring charges, of US$2m, or 10 cents a share, compared with $3.3m, or 17 cents a share, a year earlier.
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