Fresh Del Monte, the international fresh produce group, has announced a positive set of results for the third quarter (Q3) of the year ended 26 September 2008, despite a slowing global economic climate.
Net sales during the three-month period jumped to US$832.9m from US$757.1m the previous year, with gross profit up to US$79m from US$67.8m in the third quarter of 2007.
The company reported earnings per diluted share of US$0.46 compared with US$0.51 in 2007, with year-on-year operating income up to US$37.9m from US$25.9m last year.
'In contrast to the unprecedented volatility in the global economy and financial markets, the third quarter of 2008 was a period of steady growth and solid performance for Fresh Del Monte Produce,' said group CEO Mohammad Abu-Ghazaleh. 'Our business continued to expand around the world, and consumers continued to purchase our fresh fruit and vegetables, including our premium-priced gold pineapples and fresh-cut products.'
The results are a marked improvement on the second quarter of 2008, when net profit dropped 34 per cent and net income fell to US$41.9m from US$63.9mthe previous year.
'We made significant gains in the third quarter despite the fact that we continued to experience higher fruit production, procurement and logistics costs,' Mr Ghazaleh said. 'This quarter's performance once again demonstrates our mandate to control expenditures, improve efficiencies and increase profitability.'
He added that Fresh Del Monte is in a strong position to continue to excel despite the economic climate, utilising strong business strategies, the management team's execution skills and brand strength.
'It takes a competitive edge to win in today's markets, and we are confident that we have the qualities we need to address the challenges ahead,' Mr Ghazaleh said. 'We have weathered volatile cycles before, and we believe that our business and brand are well positioned to perform in a wide range of economic conditions. The foundation we have created sets the stage for us to deliver improved shareholder value over the long term, which has always been our goal.'
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