US food group JM Smucker has booked an increase in first-quarter net income.

For the quarter to the end of July, the company earned US$102.9m, a 5% increase on the prior year period.

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Operating income amounted to $165.2m, a slight decrease on $168.8m last year.

Net sales remained flat at $1.05bn.

Results for the quarter include the impact of a lower effective tax rate of 31.3%, compared to 35.2% in the first quarter of 2010.

Click here for the full second-quarter and first-half statement from JM Smucker.

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