SPAIN: Profits, sales fall at olive oil group Deoleo
Higher olive prices hit Deoleo's EBITDA in 2013
Spain-based olive oil supplier Deoleo has reported lower sales and EBITDA for 2013.
Deoleo generated EBITDA of EUR80m last year, compared to EUR88.2m a year ago.
A spokesperson said Deoleo had been unable to pass through an increase in raw material costs.
"During the first half of 2012, due to the short harvest, there was a high increase in prices that was not completely transferred to consumer prices, that’s why the profitability fell," she said.
Sales hit EUR809m, against EUR828.8m in 2012. Deoleo has focused less on supplying olive oil for own label, the spokesperson explained.
"The fall in sales was basically due to the fact that Deoleo has progressively given up the sales in bulk and the production for retailers' brands," she said.
The figures did not include net profit. Deoleo plans to disclose that figure. It will report full financial results at the end of the month.
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