Fresh Del Monte Produce saw its first-quarter profits drop by more than a third on the back of an over-supply of bananas in Europe.

The US produce giant said yesterday (30 April) its net income fell 34.2% to US$41.1m in the three months to 29 March. Operating income slid 18.3% to $53.5m.

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Fresh Del Monte’s sales increased 2.3% to $918.8m but lower banana prices in Europe amid excess supply and a fall in consumer demand hit earnings.

“Our team did an exceptional job spurring growth and amassing greater market share led by gains in our fresh-cut business. However, these operational achievements and stronger net sales were countered by ongoing challenges in Europe, which negatively affected our profitability,” chairman and CEO Mohammad Abu-Ghazaleh said.

Shares in Fresh Del Monte closed down 7.9% at $25.41 in New York.

Click here for the full release from Fresh Del Monte.

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