Ebro Foods posted higher sales but lower profits for the year

Ebro Foods posted higher sales but lower profits for the year

Ebro Foods has posted a jump in net sales for the year, although the Spain-based group's bottom line inched up by less than 1%, lapping 2014 results that were boosted by the sale of its stake in olive oil Deoleo.

For the year, net profit was flat at 0.8% at EUR144.8m (US$159.6m) "owing to the extraordinary income generated in 2014 on the divestment in Deoleo", said Ebro.

EBITDA grew 9.6% to EUR314.8m.

Sales were up 16.1% year on year to EUR2.5bn.

Sales by division

Rice: Sales of EUR1.3bn v EUR1.14bn - Good performance from SOS and Brillante products in Spain. "Record growth" in North America by Mahatma, Carolina, and instant rice brands.

Pasta: Sales of EUR1.2bn v EUR1.03bn

Europe: Sales up 3.8%. North America sales down on the back of consumption drops stemming from low-carb diets. Ebro "managed to reverse that trend towards the end of the year by promoting gluten-free, quinoa, ancient grains and 150-calorie products".