Dutch food group Wessanen today (29 April) reported widening first-quarter losses despite improved sales as finance costs hit the bottom line.
Wessanen booked a net loss of EUR4.8m (US$6.4m) for the three months to the end of March, against EUR3.3m a year earlier.
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The company, which is trying to focus its business on organic food and on Europe, saw revenue rise 2.5% to EUR172.6m.
The group booked an operating profit of EUR6.4m, compared to an operating loss of EUR0.9m in the first quarter of 2009, thanks to lower costs and “higher results” from frozen food and US drinks unit ABC, which the company is looking to divest.
Click here for the full Q1 earnings statement from Wessanen. Check back later for coverage from the company’s analyst call.
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