Fresh Del Monte has reported on its results for the second quarter of 2014, noting year-on-year improvements in both net sales and overall group profit.
Net income for the second quarter of 2014 was US$64.3m, compared with US$62m in the second quarter of 2013, while comparable net income increased to US$66.3m from US$57.3m.
Group sales climbed 11 per cent to US$1.13bn from US$1.02bn last year, with the increase aided by higher sales volumes across all of the company's business segments.
'We were pleased to achieve a double-digit increase in net sales and strong earnings per share during the second quarter of 2014,' said Mohammad Abu-Ghazaleh, chairman and CEO. 'Our results reflect the continued progress we have made in diversifying our business across our regions, distribution channels and products.
Throughout the quarter, we continued to benefit from the execution of our long-term strategies, focus on controlling costs and maximising operating efficiencies,' he added. 'Our results were further enhanced by higher sales volume in all of our business segments.'
The banana sector saw sales rise 11 per cent year-on-year to US$505.1m, with worldwide prices increasing 2 per cent, primarily due to favourable exchange rates in Europe.
Net sales in the Other Fresh Produce segment improved 8 per cent to US$518.2m, with pineapples, tomatoes and melons in particular performing strongly – although this was partially offset by lower sales in the fresh-cut product line.
