Spanish food group Ebro Foods has registered a slight increase in EBITA for 2011 on the back of a lift in sales.
The company said that EBITDA rose 2% in the 12 months to the end of December, increasing to EUR273m (US$363m). Sales increased 7% to EUR1.8bn in the period.
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Revenues from the group’s rice business increased by 13.5% while EBITDA from the unit rose 10%. Ebro’s pasta division saw a 10% increase in sales but only saw a 2% rise in EBITDA.
Net profit totalled EUR151.5m, down 61% from 2010’s figures, which included a one-time gain from the sale of its Puleva dairy unit. Net profit from continuing operations rose 17.6%, Ebro added.
The company said it expected decreases in the price of raw materials in 2012 coupled with its “comfortable financial position” put it in a “favourable position for continued growth”.
Kepler Capital Markets analyst Joaquin Garcia-Romanillos said the results were “mixed”. He added: “The figures are in line with our forecasts at operating level, with a stronger rice activity offsetting a weaker pasta unit.”
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