Dutch dairy company Royal Friesland Foods generated net profit of EUR128m (US$168.6m) for fiscal 2006. This represents a year-on-year increase of 22% driven by growth in its dairy units in Asia, Africa and the Middle East.
Net sales rose by 6% to EUR4.7bn, its first sales increase since 2002.
The company said that it expects 2007 to be a challenging year, with a EUR30m reduction in European Union subsidies and low dairy prices in Western Europe.
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