Chiquita Brands International has booked an annual loss of over US$400m after impairment charges and other expenses hit the company’s bottom line.
In the 12 months to the end of December, the fruit and vegetable group booked a net loss of US$408m compared to earnings of $54m in the prior year. The result included a $182m impairment charge related to the trademarks of its salad operations, $130m of valuation allowances against deferred income tax assets and $35m in restructuring costs.
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The company also made an operating loss in the period amounting to $254m versus an operating profit of $34m last year.
Net sales dropped 1.9% to $3.08bn as banana revenues slid 2% to $2bn due to a product supply surcharge in North America. Salads and healthy snacks sales remained consistent year-on-year at around $953m.
