Chiquita Brands International has said its third-quarter net loss more than doubled amid falling sales and restructuring charges.
The company said net losses rose to US$67m, up from $29m last year. Sales dropped to $714m, down from $723m in the year-ago period.
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However, Chiquita attributed the majority of its profit decline to one-off costs associated with efforts to restructure the business. During the period, the company registered a charge of $16m related to restructuring activities, as well as $28m in impairment and related charges for an investment in Danone.
Nevertheless, newly-appointed CEO Edward Lonergan remained upbeat.
“Chiquita’s third quarter results exceeded our internal expectations,” he commented. “While it was a challenging quarter, we made progress in positioning the company for future growth by becoming more competitive in our core banana and salads businesses.”
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