Spain-based olive oil producer Deoleo has reported a year-on-year fall in its first-half losses despite raw-material prices putting pressure on its operating profit.
Deoleo booked a first-half loss of EUR5m (US$5.9m), compared to one of EUR19.8m in the opening six months of 2016.
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The Carbonell owner said it generated a net profit of EUR2.6m in the second quarter of 2017, which it described as a “good performance” amid increases in olive oil prices.
In the first half of 2017, prices of extra virgin rose 12% and were up 25% year-on-year in the second quarter.
Deoleo said it had improved the way it bought oil, was focusing more on margins than volumes and had worked on costs.
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Nevertheless, Deoleo’s EBITDA dropped from EUR24.1m in the first half of 2016 to EUR20.4m in the opening six months of 2017, thanks to the pricing pressure and to the impact of one-time restructuring costs.
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By GlobalDataThat said, all of Deoleo’s business units saw improved profits, except its business in northern Europe.
Revenues were up 1.5% at EUR344.2m.
