Irish fresh produce group Fyffes has reported profit before tax of €60.6m (US$73.4m) for the first half of the year, compared to €42.0m in the year-ago period.
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Adjusted profit before tax, excluding property profits, other exceptional items and goodwill amortisation, rose to €48.7m for the six months to 30 June 2004, compared to €42.3m a year earlier.
Total turnover for the first half of the year was €1.04bn, compared to €1.00bn in the same period last year, an increase of 4.2%. The company said the increase in turnover is largely the result of acquisition activity during the period.
Profits in the group’s tropical produce division were ahead of the same period last year, helped by further improvements in cost control, combined with a modest increase in banana volumes. The impact of better average exchange rates was largely offset by less favourable market conditions during the period.
Fyffes’ general produce division delivered a good performance in the first six months of the year. Most locations in the division performed well and achieved results in line with or ahead of expectations, Fyffes said.
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By GlobalDataThe company added that trading in the first two months of the second half of the year had been satisfactory. Fyffes said it believes that it has the necessary resources to continue to develop its business and to pursue further acquisition opportunities.
