Colombia-based food company Grupo Nutresa has reported higher first-half sales and operating profit.
Nutresa pointed to increased domestic turnover, revenue from recently-acquired Chilean peer Tresmontes Lucchetti and a benefit from consolidating its results in Venezuela.
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However, the acquisition of Lucchetti meant an increase in finance expenses that led to a drop in net profit.
In the six months to the end of June, Nutresa’s sales increased 14.9% to COP3trn. The company pointed to a 7.7% rise in sales in Colombia to COP1.97bn.
Revenue from outside Colombia rose 24.8%, with Nutresa providing a result in US dollars of US$526m. However, excluding the impact of the Lucchetti deal, plus the consolidation of results from Venezuela, Nutresa’s international sales declined 2.5% on an organic basis.
Nutresa, which sells products including cold cuts, pasta, chocolate and ice cream, does business across the Americas, but generates over 60% of its sales in Colombia.
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By GlobalDataThe company struck a deal last year to buy Lucchetti for US$758m. The acquisition gave Nutresa an entry into Chile and helped expand its operations in Mexico.
