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Fyffes's 2010 earnings higher than expected

FYFFES, the Dublin-based banana and pineapple exporter, said adjusted earnings before interest, taxes and amortisation last year was between €19m and €20m after banana prices on the continent rose towards the end of the year.

Fyffes had previously predicted adjusted earnings would be between €14m to €18m. Fyffes is targeting profit this year in the range €17m-€22m, the company said yesterday.

The company said it enjoyed a mid-single digit percentage increase in its adjusted earnings per share compared to the 5.19c in 2009, reflecting the additional benefit of a lower minority interest charge for the year.

The company warned that the banana and pineapple industries faced higher costs this year due to less favourable exchange rates and increased fuel prices for heating the rooms used to ripen fruit.

Fyffes believes higher selling prices will be required in all its markets if it is to maintain profits.

Irish Independent