Fresh Del Monte roars into 2016

For fresh fruit and vegetable marketing and distribution in Asia
Carl Collen

BY CARL COLLEN

Fresh Del Monte roars into 2016

Higher revenue and earnings growth for the multinational in the opening quarter of the year

Fresh Del Monte roars into 2016

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Fresh Del Monte Produce has reported on a strong set of results for the opening three months of 2016, with chairman and CEO Mohammad Abu-Ghazaleh hailing the group's performance as "great".

Net sales for the first quarter of the year were US$1.018bn, up from with US$1.008bn in the first quarter of 2015 – a US$9.7m increase driven by higher net sales in the company's other fresh produce and banana business segments.

Net income attributable to Fresh Del Monte Produce came in at US$82.7m, a huge jump on the US$42.5m recorded in the same period of 2015.

"Our first quarter performance was a great start to the year," said Abu-Ghazaleh. "We achieved higher revenue, and stronger earnings growth, while continuing to invest in our future.

"Our performance was led by increased sales in our other fresh produce and banana businesses, which further validates the diversity of our globally sourced product offerings," he explained. "We also benefited from progress in advancing our distribution capabilities in North America and Asia as well as contributions from our focus on cost-savings and maximising operating efficiencies. Our goal, as always, is to continue to strategically position our business to deliver growth and shareholder value over the long-term."

For bananas, net sales increased US$4.3m to US$458.6m, compared with US$454.3m in the first quarter of 2015, primarily driven by higher sales volume in the company's Asia and Middle East regions.

In Del Monte's other produce category, net sales for the first quarter of 2016 increased US$16.3m to US$480.9m, up from US$464.6m, driven by higher sales volume of its fresh-cut, avocado and pineapple product lines.

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