Spain-based meats group Campofrio has booked a half-year loss but claimed it was on the right track after seeing sales and EBITDA increase year-on-year.
Campofrio, run as a joint venture between Mexico’s Sigma Alimentos and China’s WH Group, reported a net loss of EUR4.2m for the first six months of the year, compared to profit of EUR1.1m a year earlier.
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However, Campofrio said its normalised EBITDA was up 2.3% at EUR63.3m, with higher sales and efforts to improve its efficiency helped its EBITDA margin grow.
The company said its sales grew 0.8% to EUR910.5m. Campofrio said sales of its poultry products were up 7.9%.
“The good sales results for the first half of the year are a clear sign that our business strategy is on the right track to take on the current context of fierce competition in terms of prices and the proliferation of private label and direct competitor products. In fact, sales of our own brand products grew 1.9%, which is an endorsement of our brand-orientated value,” Campofrio CEO Fernando Valdés said.
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