BELGIUM: PinguinLutosa records FY net loss
- Net loss of EUR14.05m (US$17.8m) from net profit of EUR2.7m
- Operating profit slides to EUR3.4m from EUR7.3m
- Sales climb 72.2% to EUR832.8m
Leading European vegetable processor PinguinLutosa has booked a full-year net loss on the back of one-off costs and sales declines in its frozen vegetable division.
For the company's prolonged 15-month accounting year to the end of March, PinguinLutosa made a net loss of EUR14.05m (US$17.8m) compared to a net profit of EUR2.7m last year.
The company said the period was "negatively influenced" by a number of one-off or non-operational financial charges, totalling EUR16.7m, following the acquisitions of CECAB and Scana Noliko and a refinancing operation.
Operating profit slid to EUR3.4m from EUR7.3m in the prior-year. The company blamed the decline on a decrease in EBIT within the deep-frozen vegetable division of EUR21m and a EUR4.3m impact from the acquisitions.
Consolidated sales, however, climbed 72.2% to EUR832.8m boosted by the performance from its acquisitions.
"The past financial year was a transition year," said PinguinLutosa CEO Hein Deprez. "The group has undergone a major transformation and today looks completely different compared to one year ago. In this period we have worked hard on the integration of both acquisitions. Moreover, we have continued to invest in the existing activities."
PinguinLutosa said it changed its closing date to 31 March, bringing the accounting periods of each of its three divisions into line.
Click here to view the full earnings release.
In a week of trading updates and financial results, we spoke to Associated British Foods finance chief John Bason about the UK group's grocery business, heard how retailer Morrisons plans to revitalis...
As SIAL enters into its fourth day in Paris, just-food brings you a few highlights of what you can expect from the event attending by companies and executives from across the food manufacturing and re...
McCain Foods has signed a deal to buy the potato division of Belgian vegetable supplier PinguinLutosa....
Former Sara Lee executive Marleen Vaesen will become chief executive of Belgium-based produce group PinguinLutosa....
Belgian vegetable supplier PinguinLutosa has received takeover offers for its potato division....
- Why "simple" and "real" will be industry buzzwords
- Nestle's 2014 results: 10 Things to Learn
- Why US Dietary Guidelines report deserves praise
- Maspex: M&A opportunities in eastern Europe
- The just-food interview: Bega Cheese CEO
- Kerry Group CEO expects more M&A in 2015
- Gruma FY earnings surge as margins improve
- Kerry sales, earnings rise but food weighs
- Glanbia FY profits beat analyst forecasts
- Pinnacle efficiency helps profits amid flat sales