US: Lower costs boost Fresh Del Monte Q3
- Net profit soars 93%
- Operating profit reaches $28.2m
- Net sales drop 0.8%
Fresh Del Monte Produce has posted a jump in third-quarter earnings as the US firm recorded lower costs.
In the three months ended 28 September, net profit climbed 93% to US$24.9m, the group reported today (30 October).
Operating profit amounted to $28.2m compared to $17m recorded a year earlier.
Net sales, however, dropped 0.8% to $788.8m, primarily due to lower net sales in the company's banana business and lower volumes in the Middle East secondary markets and in Europe.
"We are very pleased with the strong bottom-line performance Fresh Del Monte Produce achieved," chief executive Mohammad Abu-Ghazaleh said. "We saw excellent growth in our global fresh-cut business. The decision to take full control of the marketing, sales and distribution of our products at the beginning of the year in Southern Europe contributed to our improved performance."
- On the money: Hormel still looking for M&A
- Consuming issues: The hunger-obesity paradox
- On the money: Hain expects continued organic gains
- Analysis: Market bets on higher Chiquita offer
- FMCG sales slowing despite economic green shoots
- Fonterra, Beingmate launch infant formula JV
- Switz rejects EU plea to bypass Russia export ban
- Parmalat nears Lacteos Brasil acquisition
- Mondelez eyes snacks categories in India
- Italy yoghurt woes lead to Emmi profit warning