FRANCE: Poultry firm LDC insists improvement on horizon
French poultry processor LDC has insisted its performance will improve in the second half of its financial year after it reported a drop in half-year profits.
LDC said its domestic poultry business would benefit from a stablisation in commodity prices after a spike in input costs had weighed on earnings in the first six months of its financial year.
The company also said it expected its operations outside France to make a profit in the second half after a first-half trading loss of around EUR300,000 (US$400,000).
LDC made an operating income of EUR32.3m for the six months to the end of August, compared to EUR34.5m a year earlier, it reported yesterday (23 November). Net income slid from EUR22.2m to EUR19.5m. The fall in profits came despite a 9.2% increase in turnover to EUR1.34bn.
However, for the full year, LDC expects full-year operating income of EUR80m, up from the EUR73.6m it filed last year.
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