Spanish food company Grupo SOS has seen a 31.1% jump in full-year net profit, boosted by the sale of its biscuit division.
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Fiscal 2008 net profit rose to EUR34.2m (US$43.1m) after the contribution from the EUR215m sale of its biscuit business, Cuetara, to Nutrexpa.
However, gross operating profit (EBITDA) from continuing activities dropped by 62.5% to EUR29.25bn. The company citied increased rice prices and commodity volatility – particularly of sunflower oil – for the fall.
SOS also recorded a loss of EUR44m related to a food scare last April, when Ukrainian sunflower oil tainted with mineral oil was imported into the EU.
Looking at the broader economic picture, SOS said that although the food industry was somewhat sheltered from the global recession, it had detected “a significant decline in consumption in general” although the impact on demand for its products was “slight”.
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By GlobalData
