US fresh produce group Fresh Del Monte has reported on its financial results for the first quarter (Q1) of the year, with year-on-year increases registered in both net income and company sales.
For the period ended 1 April, Del Monte saw net income attributable to the group climb to US$55.2m (€37.2m), up from US$36.3m (€24.4m) in the opening quarter of 2010.
Net sales increased by 3 per cent to US$974m (€656.7m), compared with US$943.1m (€636m) last year, with growth attributed to higher selling prices in the company's banana business segment, along with higher sales volume and improved pricing in the prepared food business segment.
However, Del Monte noted that this improvement was partially offset by lower selling prices across its other fresh produce business segments.
'I am pleased with our solid performance in the first quarter of 2011, which demonstrates our management's ability to successfully navigate our business in today's ever-changing marketplace,' said Mohammad Abu-Ghazaleh, Fresh Del Monte's chairman and CEO.
'We experienced increased global demand for Del Monte bananas during the quarter, and we worked hard to fill the demand during a period when adverse weather conditions tightened industry-wide production,' he added. 'At the same time, we continue to keep our company's financials strong and operating structure lean in order to be ready to capitalise on new product and market opportunities.'
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