Spanish food group Ebro Puleva reported a net profit of EUR134.7m (US$199.6m) in the first nine months of the year, a jump of 45%, boosted by the sale of the company’s sugar business.
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The company, which sold its Azucarera Ebro sugar unit to Associated British Foods for EUR385m in April, said that results had also seen the benefit of a “significant reduction” in working capital and its move to reduce debt by 56% on the year.
EBITDA rose 19% to EUR217m, the company said in a regulatory filing.
However, sales at the Spanish food group were negatively impacted by the recession and lower consumer spending in Spain. Turnover fell 3% to EUR1.66bn.
In an attempt to bolster the company’s brands against the downturn, Ebro increased its advertising spend by 11%.
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By GlobalDataLooking to the full year, Ebro Puleva said that it expects EBITDA to increase by 12%, with net profit gains to 36% anticipated.
