French dairy processor Bongrain has attributed the jump in earnings witnessed over the past 12 months to “improved competitiveness” and rising sales.
In the year to end-December, Bongrain booked a net profit of EUR81.4m (US$113.6m), up from EUR44.5m in 2009, while EBIT rose 21.9% to EUR141.1m.
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In an earnings update released on Friday (11 March), Bongrain said that its result had benefited from efforts to “improve competitiveness”. Operating income rose 31.4%, climbing to EUR128.7m, the group added.
The company emphasised that increased earnings were also the consequence of rising sales, which were up 8.9% to EUR3.57bn. Bongrain added that sales had been boosted by a strong performance from its branded products in the majority of its sales markets.
Looking to 2011, the speciality cheese maker said that it remains subject to the fluctuating price of dairy commodities and other direct costs. The company said that input costs would be “defining issue” over the next 12 months, but added that it would remain focused on cutting costs and gaining market share.
Click here for the full release from Bongrain.
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