Sos Cuetara has announced that its 2005 net profits fell to EUR10.3m (US$12.3m), which, according to Spanish newspapers, represents a year-on-year decline of 73%.
Sos Cuetara has announced that its 2005 net profits fell to EUR10.3m (US$12.3m), which, according to Spanish newspapers, represents a year-on-year decline of 73%.
The company had previously warned that its profit margins would be hit, because it hadn’t passed higher olive oil prices onto its retail customers. This has had a negative impact on EBITDA margins, which fell 29% to EUR55.5m.
The group’s 2005 sales rose by 29%, driven primarily by its olive oil division, which reported a 59% increase.
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