Fresh Del Monte has reported its results for the fourth quarter and full year ended 28 December 2012, with net sales dropping but quarterly income improving on the loss seen in the final three months of 2011.
For the fourth quarter, net sale dropped from US$780m to US$776.9m, primarily the result of lower sale sin the group's banana business segment.
Net income for the quarter was breakeven at US$0, Del Monte revealed, compared with a net loss of US$10.1m in the same period of 2011.
Full-year net sales dropped by US$168.5m to US$3.4bn, which Del Monte said was down to lower sales in bananas, the result of falling sales in northern Europe in particular and also the Middle East.
For the 12 months of 2012, meanwhile, net income actually grew to US$143.2m, climbing from US$92.5m through the previous year, reflecting 'higher operating income and less foreign exchange losses'.
'We are pleased to report a very solid performance for 2012, with a significant increase in profitability,' said Mohammad Abu-Ghazaleh, chairman and CEO. 'Throughout the year, we continued to build long-term shareholder value through new and innovative delivery channels, increasing our global brand awareness, with a disciplined focus on cost-reduction and efficiency improvements across our organisation.'
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