Fresh Del Monte Produce has reported an increase in net sales, gross profit and earnings per share for the first quarter of 2014.
Net sales rose to US$982.3m compared with US$918.8m for the year-earlier period, while gross profit reached US$106.7m compared with US$98.6m for the first quarter of 2013.
Meanwhile, earnings per diluted share grew to US$1.04 for the quarter compared with US$0.71 last year.
Chairman and CEO Mohammad Abu-Ghazaleh attributed the positive results to the company's efforts at limiting costs, the greater profitability of its offshore melon business and continued growth in the Middle East.
'We took steps to expand our global market position, enhance our product mix and bring our products closer to end consumers around the world,' he said.
The rise in gross profit was driven by higher melon selling prices, increased sales volume in the prepared food segment and higher banana selling prices in Europe and the Middle East.
Sales of Del Monte bananas increased by 8 per cent for the quarter, sales of the company's Gold pineapples by 12 per cent. Meanwhile, tomato sales rose by 11 per cent and non-tropical items by 8 per cent.
The success of the above products was sufficient to offset the decline in fresh-cut sales of 11 per cent. A 19 per cent drop in volume sales of melons was compensated for by an increase in pricing of 23 per cent.
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