A raft of cost-savings has boosted quarterly profits at US-based Fresh Del Monte Produce.
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Fresh Del Monte, a food group with operations in the US, Europe, Africa and the Middle East, posted operating income of US$59.8m during the first quarter of the year, up from $23.4m a year earlier.
The company said the leap in earnings was the result of “stringent cost-savings initiatives, simplifying its product mix and improving pricing across many product lines”. Fresh Del Monte is facing higher product and procurement costs throughout its business.
Net sales for the quarter dipped from $840m to $836m as it cut back a slew of tomato and potato product lines.
Nevertheless, chairman and CEO Mohammad Abu-Ghazaleh was upbeat about the company’s performance. “The first quarter of 2007 was the best quarter we have had in two years,” he said. “Given the tough industry environment we have faced over the last 24 months, I am very encouraged with our financial results and operating performance.”
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By GlobalData
