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."
- Focus: Danone CEO Faber puts stamp on business
- Cleaning up Tesco will have mixed supplier impact
- The just-food interview: Doux CEO Arnaud Marion
- General Mills US "priority" categories gain share
- 2015 preview: A better deal for M&A sellers
- General Mills outlines "aggressive" NPD drive
- Coles supplier payments broke competition law
- Lay's heads "billionaire food brands" list
- PepsiCo opens snacks plant in Saudi Arabia
- Wessanen to buy dairy-free drinks firm Abafoods