Spanish food manufacturer Ebro Puleva said yesterday [Monday] that net profits for the first quarter of 2002 inched up just 0.2% to €24.45m (US$22.02m) from €24.41m in the same quarter of 2001.
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The company attributed the flat net profit result to a €5.5m greater tax charge, while adding that its Chilean operation had contributed a loss of €1.84m. Overall sales fell by 0.5% to €513.8m from €516.6m, while pre-tax profits rose by 17% to €33.38 from €28.61m in the year-ago period.
In a filing to the stock exchange, Ebro Puleva referred to “a slight drop in sales, mainly the consequence of weakness in the consumption of traditional products”. The group also forecast an upturn in Chile, a positive evolution of value-added products, and an improvement in efficiency, especially in its sugar business.
The company reiterated its target of 20% net profit growth for 2002.
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By GlobalData
