Danish sugar and food ingredients firm Danisco has posted lower-than-expected first-quarter net profit as profits were hit by the weak dollar and fierce competition in the food ingredients market.
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Danisco reported net profit of DKr245m (US$37.8m) for the first quarter of its 2003/04 financial year, compared to DKr265m a year earlier. The 7.5% decline in profit was below market expectations.
Earnings before interest, tax and amortisation (EBITA) fell 13% to DKr559m, below analysts’ forecasts of DKr603m.
Danisco’s first-quarter sales were DKr4.04bn compared to DKr4.23bn a year earlier.
The company’s ingredients unit, considered Danisco’s main growth driver, registered an EBITA margin of 14.6%, compared to 17.2% a year earlier.
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By GlobalDataDanisco stood by its full-year guidance of EBITA between DKr2.1bn and DKr2.3bn, on sales between DKr16bn and DKr17bn, reported Dow Jones.
