Business Irish

Sunday 17 December 2017

Fyffes records pre tax profits of €17.3m for first six months

Fyffes dropped by two per cent
Fyffes dropped by two per cent

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.

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