US-based fruit and vegetables group Fresh Del Monte Produce has swung into profit for the first half of 2007, following a corresponding net loss in the first six months of 2006.
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Increased profitability from its global operations and operating efficiency initiatives implemented during 2006 were behind the first-half profits, Del Monte said.
Del Monte reported net income for the first six months of 2007 of US$115.5m, compared with a net loss of $0.5m in the corresponding quarter last year. Net sales for the first six months rose marginally to $1.76bn, from $1.75bn last year.
For the second quarter, Del Monte reported net income of $63.9m, compared with a net loss of $17m in the second quarter of 2006. Net sales in the second quarter of 2007 rose to $924.2m from $907.1m last year.
“Our second-quarter performance, which was the strongest in four years, is a further validation of the success of our strategy and of the performance-improving initiatives we put in place last year,” said chairman and CEO Mohammad Abu-Ghazaleh. “Today, Fresh Del Monte is a company that is focused and committed to profitable growth.”
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By GlobalData
