Swiss chocolate maker Barry Callebaut has reported a 6% fall in first-quarter sales revenues to CHF1.15bn (US$0.97bn), mainly due to lower underlying cocoa bean prices and negative currency effects.
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However, the company said sales volumes rose 3% to 293,620 tonnes. Net profit for the first quarter to 30 November slid 3% to CHF55.2m, while operating profit before amortisation (EBITA) fell 6% to CHF90.1m.
“We are satisfied with the results for our first quarter as they are in line with our expectations: We knew that the margins on semi-finished products would be lower and that the cost savings resulting from the restructuring initiated in Consumer Products Europe at the beginning of the fiscal year would only start taking effect in the second half of the fiscal year,” said Patrick De Maeseneire, CEO of Barry Callebaut.
Looking ahead to the full year, De Maeseneire said that the company is expecting a good second quarter in terms of sales after a strong month in December.
“With the financial benefits of the restructuring in Germany expected to come through later in the year, we are confident we can meet the communicated financial targets for the full year, barring any major unforeseen event,” he added.
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By GlobalData
