US poultry group Sanderson Farms has reported a first-quarter profit of US$11.6m as a result of improving poultry market prices.
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The result compared to a loss of US$3.4m in the corresponding period last year. Net sales for the three months ended 31 January were up to US$362m, compared to US$293m a year ago.
“The results for the first quarter of fiscal 2008 reflect improvement in poultry prices over the same period last year, although we still faced, and will continue to face, much higher grain costs,” said Joe Sanderson, chairman and CEO of Sanderson Farms. “We continue to see higher and more volatile prices for corn and soybean meal, our primary feed ingredients, and the significantly higher costs affected our profitability during the quarter.”
Volumes during the quarter were up when compared to last year’s first quarter as a result of the additional production from the company’s facility in Texas.
Sanderson said it expects to process 18% more pounds of chicken during fiscal 2008 compared to fiscal 2007.
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By GlobalData
