Irish fruit distributor Fyffes revealed today (10 March) that full-year profits plummeted due to a loss from a property investment and increased costs.
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Net income for the 12 months ended 31 December sank to EUR70,000 (US$89,602), down from EUR9.3m last year, and pre-tax profit before one-time items declined to EUR15.9m, down from EUR18.4m.
Profits were dented by a loss of EUR28.6m from Fyffes’ share of Blackrock International Land. The company added that the increased cost of fruit and shipping also depressed its results.
Nevertheless, Fyffes reiterated its January forecast that earnings before interest and tax will fall in a range of EUR14-18m.
“Profits for 2008 were slightly ahead of target and market expectations, notwithstanding the unprecedented increases in the costs of fruit, shipping and fuel,” chairman David McCann said.
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By GlobalData“After a slow start to the year, pricing has improved in recent weeks,” he added.
