Business Irish

Monday 24 April 2017

Fyffes half-year profits down 28pc

A banana glut and rising costs have cut first-half profits of tropical fruits distributor Fyffes by almost a third.

The Dublin-based company said excess market supply, higher fuel costs and a stronger US dollar created difficult conditions, which left pre-tax profits down 28pc at €13.3m in the six months to June.

The group said trading conditions had normalised during the summer months and that it will be increasing its prices across all markets.

According to the Office for National Statistics, the average retail price of a kilo of bananas rose from 95p in January to 109p in June.

Press Association

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