A weak US dollar and increased marketing investment have weighed on quarterly profits at Spain-based food firm Ebro Puleva.
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The company reported a 2% dip in operating profit to EUR73m (US$113.4m) for the first three months of the year after the company spent some EUR22m on advertising.
Turnover, however, rose 10% to EUR717m thanks, in part, to rising pasta sales.
Profits from Ebro’s rice business by 21%, while earnings from its sugar arm slipped 6% as the company gave up a chunk of its sugar quota under EU reforms.
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By GlobalData
