Yoghurt company profits set to go off
DANONE, the world's biggest yoghurt maker, cut its profitability forecast as Spanish consumers switch to less expensive products and raw-material costs rise. The shares fell the most in three years. The maker of Actimel yogurt expects its operating margin to drop by 0.5pc in 2012 on a like-for-like basis, it said in a statement yesterday. Paris-based Danone previously expected a "stable" margin. The shares fell as much as 7.5pc, the steepest intraday decline recorded since May 2009.