Spanish food group Ebro Puleva has said it has ended the first nine months of the year with record turnover and profits, boosted by the contributions of Riviana and Panzani.
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Turnover totalled €1.7bn (US$2.06bn) in the first nine months of 2005, up 28.5% year on year. Net profit was €125m, a 32.7% year-on-year increase. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 19.5% to €205m, while earnings before interest and tax (EBIT) rose 12.7% to €149m.
The company said that through its divestment policy and the generation of operating income, it has reduced its debt by €92m in the third quarter.
For the full year 2005, Ebro Puleva forecast an increase of more than 28% in turnover to €2.37bn and net profit growth of over 21% to €154m.
“The positive evolution of results over the first nine months of 2005 reflect Ebro Puleva’s decision to grow in strategic businesses and increase its efforts in products with a greater value added,” the company said.
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By GlobalData“The investments in Panzani, Riviana and the other acquisitions have eased the deterioration of results in our sugar division, caused by the expectation concerning the adverse effects of the CMO Reform and will enable us to maintain a satisfactory evolution throughout 2005. They have, therefore, proved timely, logical and successful,” Ebro added.
