Chicken processor Gold Kist has announced a rise in net profit in the second quarter ended 2 April 2005, despite a fall in sales caused by lower broiler prices.
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For the second net income increased to $38.7m from net income of $29.9m in the same quarter last year. Second quarter sales were $570.8m, compared with $575.6m for the year-earlier period.
For the first six months the company reported net income of $42.9m, up from net income of $33.3mn for the same period in the prior year. Sales for the first half of fiscal 2005 increased $1.12bn from $1.11bn for the year-earlier period.
“Overall, our results for the second quarter of fiscal 2005 were better than expected,” said John Bekkers, president and chief executive officer.
“The fall in net sales for the second quarter of 2005 was due to a 9.1% reduction in average broiler sales prices offset by an 8.4% increase in broiler pounds produced and sold,” he said. “Average broiler sales prices for the quarter ended April 2, 2005, were 4.9% higher than prices for the quarter ended January 1, 2005, due to increased demand.”
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By GlobalData“Our strategy remains unchanged,” he said. “We believe we can reduce the impact of industry volatility on our results by increasing our value-added products as a percentage of sales, improving our cost structure and growing our private-label business.”
