Deoleo’s 2016 net earnings were dented by restructuring charges but the company flagged progress on its restructuring drive as well as an improved operating performance.
The Spanish olive oil maker recorded a loss of EUR179m (US$188.7m) in the 12 months to end-December. In 2015, the company said its net loss totalled EUR61.3m.
Go deeper with GlobalData
The group said the increase in losses reflected EUR96.3m in restructuring charges as well as changes to tax regulations, which trimmed EUR53.3m off the bottom line.
Despite the loss for the year, Deoleo was upbeat on its improved operating performance. The company said that EBITDA rose 30% year-on-year, rising to EUR46m.
Turnover fell 15% during 2016, with volumes dropping 22% from 2015’s levels as the group shed lower margin sales.
See Also:
As part of its restructuring programme, Deoleo said that it is “redesigning processes, systems and structure” in the firm to focus on quality and efficiency. The company said this initiative is about “building a new Deoleo”. The group insisted progress is being made adapting the “industrial capacity, resources and assets” of the company to “the current reality of the business”.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataDeoleo said it wants to establish a company that is “oriented to the consumer” and focused on quality.
