Groupe Bel, the France-based cheese maker, has seen annual profits almost halve thanks to financial charges linked to its acquisition of the Boursin brand.
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Bel, which owns brands including The Laughing Cow and Leerdammer, posted net profit of EUR49.2m (US$66.5m) for 2008 – down from EUR95.2m a year earlier.
Falling prices for industrial products like excess whey, a “dramatic increase” in raw material prices and currency fluctuation also hit earnings.
Turnover, however, was up 12.8% to EUR2.22bn as Bel succeeded in pushing through some price increases on its cheese brands.
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By GlobalData
