Fresh Del Monte Products Inc has reported net profit compared to loss last year, due to higher revenues and increased selling prices.

The financial results for the fourth quarter showed net income of $34.4 million (£17.4m), compared to net loss of $58.8m in the comparable quarter last year.

The growth was driven by 15 per cent rise in net sales to $848.2m, from $737.6m last year, as well as an increase in gross profit, the reduction of selling, general and administrative costs, gains from favorable foreign exchange rates, and the sale of non-performing assets.

The increase in net sales was mainly attributed to price increases in the gold pineapple, canned pineapple and melon product lines, as well as an increase in demand and selling price for bananas worldwide, the company said.

The results showed that gross profit for the quarter increased to $78.4m, from $57.4m in the corresponding period in 2006.

The results excluded charges reaching $7.3m from asset impairment, restructuring and other charges, net, primarily associated with exit activities in the UK and Italy.

The full-year results for 2007 indicate an improvement on the previous year. A net income of $179.8m was reported for 2007, compared to net loss of $142.2m in 2006. Net sales for the year rose by five per cent to $3.4 billion, from $3.2bn in the previous year. Annual gross profit for 2007 rose more than 90 per cent to $364.9m, from $189.4m last year.

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