US fruit and vegetable producer Fresh Del Monte has reported lower third-quarter earnings, hit by high commodity costs, adverse weather and weak banana pricing in Asia.
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The company posted net income of US$13.7m, or 24 cents per share, for the third quarter to 24 September, compared to $34.3m, or 60 cents per share, for the same period of the previous year.
Net sales for the third quarter of 2004 increased to $610.4m, compared with $563.7m in the same period last year. The growth in sales was due primarily to expansion in the fresh-cut and tomato repack segments.
“Although the third quarter of the year is always the most difficult in our business, a rare combination of multiple factors beyond our control – including higher commodity costs, non-recurring customs duties, plant disease, and exceptionally adverse weather conditions in several markets – made the third quarter even tougher than usual,” said chairman and CEO Mohammad Abu-Ghazaleh.
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