Spanish food group Ebro Puleva today (Thursday) reported a net profit of €28.3m (US$36.5m) in the first quarter of 2005, representing year on year growth of 11.3%. Net turnover totalled €477.7m, up 16%.
“The development of the consolidated results of Ebro Puleva was very positive during the first quarter of 2005, and is expected to be even more so in the next quarter, among other factors thanks to the incorporation of Panzani,” the company said. It agreed the acquisition of French pasta, sauce and semolina company Panzani on 25 April.
“The investments and growth in the different divisions of Ebro Puleva are bearing fruit, producing an generally steady growth in the overall results of the group, despite the instability existing in certain sectors this quarter, for example in the sugar business,” it said. “The results of the sugar division have been marked by a peculiar factor affecting the entire European industry: excess sugar supply in Europe due to the stocks of the countries that recently joined the EU. This has caused a 9.8% drop in sales.”
“Growth of the dairy division has been boosted by the stabilisation of the price of the raw material, advertising efforts and new products,” it said.
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