Fresh Del Monte has announced that it saw losses increase in the fourth quarter of 2011, as the fresh produce giant continued to battle difficult economic conditions, particularly in Europe, and rising costs.

For the three-month period ended 30 December 2011, Del Monte recorded a net loss of US$10.1m (€7.5m), compared with the US$9.6m (€7.1m) lost last year.

Sales for the quarter came in lower at US$780.8m (€581m), down from US$816.7m (€608m) in 2010, the result of underperformance in Europe across many of the company's business segments.

Meanwhile, for the full year, net income excluding asset impairment and other charges and credits fell slightly from US$108.2m (€80.6m) to US$107.4m (€80m), while net sales increased 1 per cent to US$3.6bn (€2.7bn), attributable to higher net sales in the company's banana and other fresh produce segments.

'Despite higher fuel costs worldwide and continued weakness in the European economy which negatively impacted consumer demand for fresh produce, we delivered full-year 2011 results that were significantly higher than 2010,' said Mohammad Abu-Ghazaleh, chairman and CEO. 'Throughout the year, we expanded our presence in emerging markets, bolstered our distribution channels and added new product offerings.

'We believe with our strong balance sheet and these strategic initiatives we are well positioned to deliver attractive returns for Fresh Del Monte shareholders over the long term,' he added.

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