French cheese maker Bongrain yesterday (11 March) posted rising full-year profits despite falling sales in 2009.
The company, which reported last month that its turnover fell by more than 7% in 2009, booked net profit of EUR44.5m (US$61.3m) – up from EUR38m a year earlier.
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Bongrain’s annual revenue fell 7.4% to EUR3.28bn as its non-cheese sales slumped 12.5%.
Bongrain’s cheese sales, which make up two-thirds of the company’s turnover, recovered in the fourth quarter of 2009 but were still down 5% over the whole year.
