Hibernia Foods plc yesterday [Monday] announced its unaudited financial results for the three month period ended 31 December 2002, the third quarter of fiscal 2002. Revenues for the quarter amounted to €62.59m (US$55.46m) compared to revenues of €42.09m for the same quarter in fiscal 2001, representing an increase of 49%.

Gross profit for the quarter was €13.63m compared to gross profit of €6.08m for the same quarter in fiscal 2001, an increase of €7.55m, or 124%. Percentage gross margins for the quarter were 21.78% compared to 14.45% for the same quarter in fiscal 2001, representing an increase of 51%.

Operating profit for the quarter amounted to €2.26m compared to an operating loss of €1.28m (US$1.14m) for the same quarter in fiscal 2001, representing an improvement of €3.54m.

Net profit for the quarter amounted to €587,000 compared to a net loss of €2.89m for the same quarter in fiscal 2001, representing an improvement of €3.48m, the group said.

EBITDA (earnings before interest, tax, depreciation and amortisation) for the quarter was €4.14m compared to €116,000 last year. This improvement of €4.02m compared to the same quarter in fiscal 2001, represents an increase of over 3400%, the group said.

Commenting on the results, Oliver Murphy, chairman and chief executive officer, said: "I am delighted to report that in returning to profitability in the third quarter we have achieved a key milestone which we set ourselves for the current fiscal year. A return to profitability is a tremendous endorsement of the policy we announced just six months ago of pursuing a balanced strategy of both revenue growth and profitability. Following a very strong second quarter, the third quarter has continued this very positive trend by delivering revenue growth of 49% and an improvement in operating profits of €3.54m when compared with the third quarter in the prior fiscal year.

To view the full statement Hibernia Foods released yesterday, click here.