Fresh Del Monte Produce has recorded a drop in half-yearly profits hurt by lower operating income and foreign exchange losses.
For the six months ended 2 July, net profit dropped to US$58.1m from $88.4m a year earlier.
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Operating profit dropped, sliding to $75.2m from $95.9m last year.
Net sales, however, reached $1.94bn, an increase on $1.86bn recorded in 2009.
In the second quarter, net income dropped to $21.2m from $52.9m, while operating profit slid to $20.1m from $49.3m in the prior year.
Net sales for the quarter, however, amounted to $1bn compared to $978.4m in the year-ago period.
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By GlobalData“Our business momentum continued during the quarter; however, we addressed a series of external challenges, including the negative impact of harsh weather in our Guatemala banana production areas, higher costs of fruit production and fuel, and ongoing weakness in the global economy,” said Mohammad Abu-Ghazaleh, chairman and CEO.
Click here to view the full release and check back later for further insight into the firm’s first-half figures.
