French dairy group Bongrain has warned that continued high milk prices mean its sales in the second half of 2008 will not match the corresponding period last year.
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The company said yesterday (6 November) that the higher cost of milk and the economic slowdown would weigh on its performance, despite sales rising 4.5% during the third quarter of the year.
Third-quarter revenue reached EUR2.61bn (US$3.33bn) as “resilient” sales in France helped offset slowing cheese sales in central and Eastern Europe, southern Europe and the US, Bongrain said.
