Irish fruit and vegetable distributor Fyffes has posted an 8.8% increase in first-half pre-tax profit, but said the recent hot weather in Europe would have a negative impact on third-quarter results.
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Fyffes reported pre-tax profit of €42.3m (US$45.8m) for the six months to 30 June, compared to €38.9m a year earlier.
The company said the recent hot weather in Europe had slowed demand since late July, which would hit group operating profit in the third quarter by around €8m. This loss of revenue would be partially offset, however, by one-off gains from property disposals, Fyffes said.
Chairman Neil McCann said Fyffes is well positioned to pursue acquisitions and alliances, but did not specify targets. One analyst said the company could make a deal with one of the major players in the global banana market, or target one of its rivals, such as Chiquita Brands International, reported Dow Jones International News.
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By GlobalData
