US-based soy food producer Tofutti Brands has posted a drop in full-year profits, hurt by “significant” price increases to certain key ingredients and packaging materials.
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For the year ended 27 December, the company recorded net income of US$217,000 compared to $465,000 for fiscal 2007.
The company’s pre-tax profit also declined, dropping to $435,000 from $799,000 in the previous year.
Despite this, net sales increased 2% to reach $19.6m, an increase of $459,000.
“While we succeeded to a limited degree in increasing our sales in fiscal 2008, our efforts were negated in great measure by the general economic decline in the US,” said David Mintz, CEO and chairman.
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By GlobalData“We believe that we have solved the production issues that we encountered in fiscal 2007 and are now actively attempting to reduce our expenses to improve our gross profit margin.”
