Fresh Del Monte Produce has today announced that net income attributable to the group fell to US$21.1m (€16.1m) through the second quarter of the year, down from the US$52.2m (€39.8m) recorded in the corresponding period last year.
The US-based fresh produce reported on quarterly sales of US$1bn (€762m), climbing from US$978.4m (745.8m) in the second quarter of 2009, attributed to significantly higher banana sales in the Middle East and North America as well as greater gold pineapple sales.
Sales gains in these areas were partially offset by lower sales in the company's other product lines and services, however, as well as planned lower sales volumes in the company's melon production line.
Net banana sales for the quarter increased 9 per cent to US$452.1m (€344.6m), with volume up 14 per cent, although gross profit for the category fell 36 per cent due to lower selling prices and unfavourable European exchange rates.
Gold pineapple sales climbed 12 per cent to US$142.8m (€108.8m) and fresh-cut sales remained consistent, while there were falls for melons (23 per cent), non-tropical (3 per cent) and tomatoes (10 per cent).
'Our business momentum continued during the quarter; however, we addressed a series of external challenges, including the negative impact of harsh weather in our Guatemala banana production areas, higher costs of fruit production and fuel, and ongoing weakness in the global economy,' said Mohammad Abu-Ghazaleh, chairman and chief executive officer at Fresh Del Monte Produce.
'We believe that our continued success will be driven by our relentless focus on executing a solid strategy that strikes a balance between expanding our global competitive position and delivering long-term shareholder value through product and packaging innovation and improvements in operating efficiencies,' Mr Ghazaleh added.
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