Del Monte Foods said today (30 August) that its quarterly profits had more than halved as a hike in costs more than offset rising sales.
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The US-based firm booked income from continuing operations of US$3.5m for the three months to 29 July, down from $7.4m a year earlier.
“Cost increases facing our business continue to be a challenge, particularly in fish, as well as in grains, fats and oils due to increased demand for alternative fuels. Combating these cost increases remains a critical priority,” said chairman and CEO Richard Wolford.
The company saw net sales jump almost 12% to $753.5m.
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