Banana giant Chiquita Brands International has registered a first-quarter, recovering from losses a year ago.

Chiquita, which emerged from bankruptcy protection in March 2002, reported first-quarter net income of US$25m, compared with a net loss of US$398m, 12 months previously.

Last year's first-quarter results were hampered by US$431m in financial restructuring charges and the effect of a change in accounting practices toward goodwill.

The company's 2003 first-quarter net sales were up by six per cent to US$471m as the strengthening of the euro compensated for lower banana prices locally.

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