SPAIN: Puleva Biotech's H1 profits fall 7% on marketing costs
Spanish nutraceuticals company Puleva Biotech, a unit of food major Ebro Puleva, has reported a 7% decline to €716,000 (US$873,000) in first half operating profits, hurt by large expenses to promote its new GH-28 probiotics line.
Net profits also fell 23% to €628,000 on revenues up 12% to €3.76m, the company said in a statement.
While turnover was boosted by brisk sales of its CV-17 "Omega3" fatty acid it was not enough to offset high costs to market GH-28 in the international markets before its slated launch later this year.
Puleva Biotech said its third-party research business performed well in the period. The unit is developing functional compounds for Ebro's milk brand Lactimilk and for Ebro's rice franchise.
Companies: Ebro Foods
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