French cheese maker Groupe Bel has booked an increase in full-year profits, despite a “slowing” European economy and “unrest” in the Middle East.
Net profit in the 12 months to the end of December climbed 33.6% to EUR128m (US$164.9m). Operating income totalled EUR211m, up 24% versus the previous year.
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Bel attributed the profit gains to “robust sales growth” achieved in Africa and the fruit of restructuring efforts in Eastern Europe.
Sales in western Europe, Bel’s largest region, inched up 0.4%, although profits increased 13%.
The company’s “near and Middle East” unit reported flat sales and it only broke-even amid asset impairments and the suspension of its operations in Syria.
Sales and profits from Bel’s unit that combines its businesses in the Americas and Asia-Pacific were up.
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By GlobalDataGroup sales were up 4.8% to EUR2.65bn.
