SWITZ: Weak commodity prices hit Aryzta Q1
Swiss bakery group Aryzta has booked a 16% fall in quarterly revenues as lower commodity prices hit sales at its agri-business arm.
Aryzta posted first-quarter turnover of EUR729.1m (US$1.1bn) for the three months to the end of October - a fall of 15.7% on the year.
Sales from its Origin Enterprises agri-business unit tumbled by more than 24% due to "lower commodity prices and delayed decisions from primary producers", Aryzta said.
The EBITA that Aryzta derives from Origin and its joint ventures fell 40.1% to EUR12.7m. The company pointed out, however, that around 80% of Origin's profits are generated in the second half of its fiscal year.
Revenue from Aryzta's food business fell 7.6% to EUR407.4m due to falling sales in Europe and, to a lesser extent, in North America.
The EBITA from Aryzta's food operations grew 2.2% to EUR51.1m.
The CEO of Origin Enterprises maintained that the company had performed well in its first half despite recording a 16% fall in revenues and an 18% fall in EBITDA....
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