A fall in global listings and a sharp increase in milk prices had an adverse effect on profits at French dairy group Bongrain.

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The company yesterday posted a 77% drop in net income for 2008. Net income fell to EUR38m (US$48m) – a significant drop from EUR161.7m in 2007.


Operating income was also down, reaching EUR86.5m – a 43.3 % drop on last year’s result.


Turnover however, was up 4% to reach EUR3.55bn and Bongrain insisted it had “held up well in a difficult economic environment”.


“The decline in global listings of industrial products has not yet been fully reflected in the price of milk,” the company said. “This situation, compounded by the lack of visibility and volatility of ratings, does not predict an improvement in short-term exploitation.”

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Bongrain said net debt remains under control at 34.4% of equity at 31 December 2008 against 31.5% from the previous year.