Fresh Del Monte Produce has posted “solid” first-quarter results thanks to higher banana selling prices.
Go deeper with GlobalData
Net sales for the three months to 28 March rose 7% to US$894.9m due to strong global demand for bananas as supply dipped after poor weather in Central America.
The company reported at net income of $63.6m, compared with $51.6m in the first quarter of 2007.
“We are encouraged by the progress we made in managing the exceptionally high costs that continue to affect our business,” said Mohammad Abu-Ghazaleh, chairman and CEO. “During the first quarter of 2008, we demonstrated that Fresh Del Monte is able to deliver solid financial results even in a tough market.”
The company posted a loss in gross profit, recording $96.9m for 2008, compared to $99.1m for the same period last year. The decrease was due to a “negative impact” from foreign exchange and “challenges” in its melon product line.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
