Bonduelle, the French food group, has blamed the weak economies of Europe for a dip in half-year profits.
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The vegetable processor yesterday (26 February) posted a 0.6% fall in operating profit to EUR47.1m (US$59.5m) for the first half of its fiscal year.
Sales dipped 0.5% to EUR752.2m due in part to foreign exchange. At constant currencies, turnover would have risen by 0.5%.
Bonduelle said the growth it saw outside Europe offset falling sales on the continent.
“The dynamism of the business outside Europe, up 9.1% at constant exchange rates and 3.4% at current exchange rates, offset by a Europe affected by the weak consumer sentiment,” Bonduelle said.
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By GlobalDataBonduelle said margins of 6.3% were “stable” compared to a year earlier. The company pointed to a balanced portfolio and the geographic spread of its business for the maintenance of margins at that level.
First-half net income reached EUR6m, down markedly from the EUR20.2m filed a year ago after Bonduelle incurred EUR38.5m of financial charges.
