LDC, the French poultry giant, has seen first-half profits tumble despite rising sales, due to falling domestic poultry consumption and rising raw material prices.
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The company booked net income of EUR16.8m (US$21.7m) for the six months to 31 August, down from EUR21.8m a year earlier.
Turnover, however, rose 8.1% to EUR930m, despite challenging conditions in Spain and a fire at one of LDC’s sites in Poland.
Looking ahead to the second half of its fiscal year, LDC said it expects raw material prices to ease. The company also said its international operations should return to profit, helped by measures to improve its Polish business, including the recent acquisition of local meat processor Tarczynski.
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By GlobalData
