Tropical fresh produce importer and distributor Fyffes hasrevealed that pre-tax profit fell 28 per cent through the first six months of 2010, down to €13.1m from the €18.1m recorded last year.
Total revenue, including the Irish group's share in joint ventures, climbed slightly to €402.6m from €400m during the first half of 2009, with sales higher in Fyffes' US winter melons category but down in banana and pineapple categories.
Trading conditions in the group's banana segment were described as 'very difficult' by the group, reflecting the impact of a prolonged cold weather spell in Europe and the effect of excess market supplies, which in turn hit average selling prices.
Similarly, conditions proved tricky in the company's pineapple category, although the group did achieve an improvement in its pineapple marketing activities through the first half.
'Trading conditions were difficult for much of the first half of the year as previously indicated, resulting in a significant reduction in profits in the group's banana category,' said Fyffes' chairman Dave McCann.
'Market conditions have normalised during the summer months,' he added. 'The group continues to pursue increases in selling prices in all markets. Fyffes is maintaining its €14m-18m target EBITDA for the full year.'
