Sanderson Farms has booked an increase in profit for the first-half of the year on the back of lower interest and tax expenses.
The company said net profit rose to US$17.4m in the six months to 30 April, up from $15.9m in the comparable period of last year. The bottom line was boosted by lower interest costs – which fell to $3.6m from $5.9m – and lower tax expenses – which dropped to $8.5m from $10.1m.
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Sales at the US poultry group were also up on the year, rising to $1.21bn from $1.11bn. Higher sales were driven by a growing demand for poultry products, which are seen as a good value protein option in the US. According to Sanderson, poultry prices were up year-on-year and the company said that it was “reasonably optimistic” that demand would hold up in the back half of the year.
