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MENAFN - 31/10/2012

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(MENAFN) Florida-based producer of fruit and vegetables Fresh Del Monte Produce Inc. reported nearly double quarterly profits from a year ago after it took control of the marketing, sales and distribution of its products in southern Europe, AP reported.

The company said it made USD23.5 million net profit during the third quarter, up from USD12.2 million a year earlier.

Fresh Del Monte also reported almost 1 percent decline in quarterly revenue to USD788.8 million from USD795.2 million in the prior year's same period.

This was mainly due to a decline in banana sales by 2 percent compared to a year ago because of weaker demand in Europe and secondary markets in the Middle East, the company said.

Sales of other fresh produce also fell. However the company said its new marketing and distribution arrangement is more efficient and helped keep its costs down.

North American revenue rose 5 percent to USD420.2 million, but sales in Europe dropped 17 percent to USD145.5 million and Middle Eastern revenue fell 8 percent to USD105.6 million.

Revenue from Asia declined slightly and revenue from other markets more than doubled to USD26.3 million.

 






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