Savencia Fromage & Dairy, the French dairy group formerly known as Bongrain, has reported lower half-year sales but an increase in profits.
The company booked a 2.4% fall in revenue to EUR2.18bn (US$2.46bn) for the six months to the end of June.
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On a constant-currency basis and excluding the sale of US cheese importer and distributor Schratter in December, revenue was down 2.7%, Savencia Fromage & Dairy said.
However, operating income stood at EUR65m, compared to EUR52m in the first half of 2014. Underlying operating income was EUR86m. The difference between the two figures was due the disposal of a minority stake of a business in Spain and an impairment in South America, Savencia Fromage & Dairy said.
Operating profitability was helped by Savencia’s businesses outside France, where the company results fell.
Lower financial expenses gave a further boost to net income, which reached EUR35m, compared to EUR18m a year ago.
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By GlobalData
