Dutch dairy products maker Royal Friesland Foods has said its first-half net profit increased despite difficult market conditions.
Go deeper with GlobalData
The company, formerly known as Friesland Coberco Dairy Foods, reported net profit of €35m (US$42.6m) for the first half of 2004, a 9% increase from the first half of 2003.
Net turnover for the same period fell by 4% to €2.2bn due to adverse foreign exchange effects, lower selling prices and lower sales volumes. Sales by volume fell by 1% due to sluggish market growth and fierce competition in Europe. The turnover of key drive brands also fell by 1%, under pressure due to currency movements and mounting competition. Adjusted for currency movements, turnover of the key brands grew by 3%.
Looking ahead, the company said it does not expect market conditions to change significantly in the second half of 2004. Cost control will remain an important issue for operations, Friesland Foods added.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
