Stable second quarter at Del Monte

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Carl Collen

BY CARL COLLEN

Stable second quarter at Del Monte

Fresh produce group has seen "solid" second quarter results, according to chief executive Mohammad Abu-Ghazaleh

Stable second quarter at Del Monte

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Fresh Del Monte has revealed a stable set of results for the second quarter of 2015, with very small increases in both net sales and net income.

Net sales for the second quarter of 2015 were US$1.134bn, compared with US$1.131bn in the second quarter of 2014. The increase was led by higher net sales in the company's banana and other fresh produce business segments, although they were negatively impacted by a US$42m exchange rate variance over the prior year period.

Second quarter net income attributable to the company was US$64.5m, rising from US$64.3m lat year.

"We are pleased to report solid second quarter results despite the negative year-over-year exchange rates in Europe and Asia and weather related issues that impacted production for some of our products,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer at Fresh Del Monte Produce. "Our results reflect momentum in our global value-added fresh-cut product line, increased penetration within our existing distribution channels, and flexibility to deliver to markets with the strongest demand.

"We continued to capitalise on health and wellness, and growing convenience trends in the marketplace with new product initiatives and further invested in our global footprint to increase value-added production," he added.

Net sales for the second quarter increased 2 per cent to US$513.8m, compared with US$505.1m in the second quarter of 2014, primarily driven by higher sales volume in the company's North America and Asia regions, along with higher selling prices in the company's Middle East region.

For a full breakdown of Del Monte's second quarter results, click here.

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