Frozen Italian speciality food manufacturer Armanino Foods of Distinction has booked an increase in first-half profits, boosted by strong sales of its core products.
Net income for the period ended 30 June increased 55% to US$1.09m.
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Net sales for the six-month period rose 12% to $11.1m.
Edmond Pera, president and CEO said: “Obviously, we are extremely gratified with our results. Strong sales in our core products pushed profits to new levels and our distributor customer base continued to grow.”
He added: “Even with this growth in sales our working capital has not been adversely impacted. Our cash position remains strong, our receivables remain current, our inventory levels remain sufficient to handle the sales increase and we have no long term debt.”
In the second quarter, sales amounted to $6.1m, an increase of 15% on the prior quarter, while net profits rose 47% to reach $695,377.
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