Spanish food group Ebro Foods has reported mixed half-year results, with operating profit and sales lower but its bottom line boosted by a one-off item.
Ebro posted a net profit of EUR71m (US$94.4m), 5.5% up on the prior year, the pasta and rice producer reported today (29 July). A spokesperson for the firm told just-food the boost was down to a provision for litigation of EUR5m taken in 2005 that they would no longer have to pay.
However, operating profit was down 2.7% to EUR103.4m, hurt by exchange rate effects and an increase in advertising investment.
Sales were also lower, sliding 1.1% to EUR1bn as a result of the sale of its Nomen, La Parrilla, La Cazuela, Pavo Real and Nobleza brands – an anti-trust requirement of it purchasing the former Grupo SOS rice business.
In Ebro’s rice division, EBITDA fell 10.9% to EUR68.2m. Sales inched up 0.3% to EUR553.7m.
See Also:
EBITDA in the group’s pasta division, however, was up 6.3% to EUR67m despite sales falling 2.6% to EUR471.4m.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataClick here to view the full earnings release.