Input costs have continued to hit Spanish meats maker Campofrio, with the company reporting a drop in profits for the first nine months of the year.
The company yesterday (14 November) posted net profit of EUR11.6m (US$15.7m) for the period to the end of September, down from the EUR26.8m recorded a year earlier.
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Campofrio, which said its meat costs had been at “the highest level in a decade”, booked EBITDA of EUR109.5m, compared to the EUR116.5m reported a year ago.
Its margins in the third quarter fell 85 basis points year-on-year, although when the contribution of Fiorucci, the Italian group acquired in April, is included, margins were 21 basis points lower – and higher than the first and second quarters of 2011.
Fiorucci drove an increase in sales in the first nine months of the year. Consolidated net sales grew 10.6% to EUR1.47bn. Excluding the contribution from the Italian firm, sales were up 1.3% to EUR1.35bn.
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