Fyffes records pre tax profits of €17.3m for first six months
Published 05/09/2011 | 09:15
Fyffes, the major fruit importer, has reported pre-tax profits of €17.3m for the first six months of 2011.
This shows an increase of 30.4pc compared to €13.3m for the same period a year earlier.
The company said total revenue - including its shares of its join ventures - was 13.9pc higher year-on-year to €459m.
And this also included a €29m first-time contribution from Fyffes stake in German distributor Van Wylick.
Group revenues were 7.5pc up at €370m. This compares with €344.2m for the six months to the end of June, 2010.
Fyffes said its banana business performed strongly during the fist six months of 2011, with operating profit up €4.2m.
The group said market volumes in this sector were lower as a result of poor weather conditions.
And is said its fruit and shipping costs were higher with bunker fuel prices currently 40pc higher than a year ago.
Fyffes said it had made further progress with its pineapple business, despite difficult trading conditions.
The board has declared an interim dividend for the year of €0.605 cent per share, an increase of 10pc on 2010.