The economic downturn and continued falling demand has caused dairy selling prices and volumes to drop, denting FrieslandCampina’s first-half revenues, the company has said.
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Sales were down 15% to EUR4.1bn (US$5.86bn), FrieslandCampina said as it issued its first-half results yesterday (31 August).
The company kept a lid on costs during the period, cutting payments to farmers by 32%. As a result of the drop in payments and other cost-cutting measures, operating profit fell 8% to EUR110m.
However, earnings increased 30% to EUR78m, boosted by improved finance income and a decline dividends paid out by the DMV Fonterra Excipients joint venture with New Zealand’s Fonterra.
For the full press release click here, or check back later for just-food’s insight into FrieslandCampinia’s first half.
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