Leading European vegetable processor PinguinLutosa has booked a full-year net loss on the back of one-off costs and sales declines in its frozen vegetable division.

For the company’s prolonged 15-month accounting year to the end of March, PinguinLutosa made a net loss of EUR14.05m (US$17.8m) compared to a net profit of EUR2.7m last year.

The company said the period was “negatively influenced” by a number of one-off or non-operational financial charges, totalling EUR16.7m, following the acquisitions of CECAB and Scana Noliko and a refinancing operation.

Operating profit slid to EUR3.4m from EUR7.3m in the prior-year. The company blamed the decline on a decrease in EBIT within the deep-frozen vegetable division of EUR21m and a EUR4.3m impact from the acquisitions.

Consolidated sales, however, climbed 72.2% to EUR832.8m boosted by the performance from its acquisitions.

“The past financial year was a transition year,” said PinguinLutosa CEO Hein Deprez. “The group has undergone a major transformation and today looks completely different compared to one year ago. In this period we have worked hard on the integration of both acquisitions. Moreover, we have continued to invest in the existing activities.”

PinguinLutosa said it changed its closing date to 31 March, bringing the accounting periods of each of its three divisions into line. 

Click here to view the full earnings release.