Ebro has posted a net profit increase for the first half of 2014

Ebro has posted a net profit increase for the first half of 2014

Spanish food group Ebro Foods has reported improved sales and profits for the first half of 2014.

It posted a 2.1% increase in net profit to EUR72m (US$96.4m), with net profit from continuing operations up 5.8%.

Ebro did see its saw operating profit fall 6.5% to EUR100.9m. However, it pointed to the absence of "extraordinary gains" from this year's results, including the gain from the reversal of litigation costs last year. EBITDA inched up 0.2% to EUR130.8m.

Sales were up 1.3% to EUR986.6m, as higher revenues from Ebro's pasta business offset lower turnover from its rice arm. The drought in Texas hit Ebro's rice division.

Click here for the full results.