Fresh Del Monte Produce saw its earnings tumble in the first half of the year as the company was hit by one-off charges and higher freight costs.

In the six months ended 28 June, net profit dropped to US$103.8m from $121.3m a year earlier, the company reported today (30 July).

Operating profit was down 22.6% to $104.7m, primarily due to lower gross profit, which fell on the back of higher costs related to the production and procurement of fruit and ocean freight.

Fresh Del Monte said it incurred charges of $11.4m in the period, related to previously announced exit activities in Brazil, asset impairments related to underperforming assets in Costa Rica and charges related to the closure of an under-utilised distribution centre in Germany.

Sales, however, were up 4.9% in the period to $1.94b.

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.

Company Profile – free sample

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

Tick here to opt out of curated industry news, reports, and event updates from Just Food.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.