Food processing group La Doria reported a 2.3% increase in revenue, at EUR387.8m (US$472m), for the 2005 financial year despite almost stagnant food consumption and a strong drop in market sales prices, according to the company.
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It posted a consolidated net profit of EUR11m for 2005, with sales broken down as 27.3% tomato-based products, 32.5% fruit juices and 17.9% vegetables, with other sales comprising the rest.
La Doria said, in its annual statement, that net profit was partly impacted by the significant gains recorded by its parent company following the sale of the minority investment held in Delfino SpA.
La Doria expects turnover and an operating margin in line with 2005, with recovery expected in the sales prices of fruit juices and tomato-based products.
The company added that reduced production of tomato-based products in the summer harvest campaign of 2005 should result in rising prices from the third quarter of 2006, when the high level of inventories will be absorbed, resulting in a re-equilibrium of the market, thus generating greater benefits in 2007.
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