Dutch dairy company FrieslandCampina doubled its profit in the first half of 2010 due to improved margins and volume growth.
During the half, profit reached EUR156m, while operating profit doubled to EUR238m.
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The company grew revenue 5.5% reach EUR4.3bn due to higher sales of consumer products in Asia and Africa, sales of special ingredients as well as higher selling prices for products such as foil cheese, milk powder and caseinates.
Cees ‘t Hart, CEO of Royal FrieslandCampina, said he is satisfied with the company’s performance in the first half of 2010. “We are doing well in the market. Furthermore, the strong rise in profits is clear proof of the success of the merger. As a merged company we are able to take advantage of the developments in the market more easily and more efficient. We are therefore ahead of realising our synergy goal,” he said.
The company said the outlook is uncertain at the moment as minor fluctuations in demand and supply on the world market could have major consequences on the price of dairy products and that it cannot make a forecast of what it expects for 2010.
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By GlobalData
