Fresh Del Monte has announced its results for the second quarter of year, with year-on-year earnings climbing as a result of 'momentum created by the group's strategic initiatives'.
According to the fresh produce multinational, net income hit US$57.2m (€46.2m), up from the US$35.3m (€28.8m) recorded in the same period of 2011, while earnings per diluted share jumped to US$0.99 from US$0.59 in the second quarter last year.
"We are extremely pleased with the strong earnings growth we achieved in the second quarter," said Mohammad Abu-Ghazaleh, chairman and CEO. "Our performance reflected the momentum we have created through our strategic initiatives and our ability to navigate the challenging global economic environment over the past few years.
"The strength of our operations, logistics flexibility, prudent product supply management, and our expanded global customer base were key contributors to our performance," he added. "Moving forward, we remain focused on the bottom line, long-term growth and our established cost savings program to increase shareholder value."
Net income climbed despite a drop in sales during the three months to 29 June, with net sales down to US$957.6m (€780m) from US$1.04bn (€847m) - the result of lower net sales across all of the company's business segments, primarily due to lower banana sales volume in the Middle East secondary markets and Europe.
Banana sales for the quarter decreased 9 per cent to US$424.9m (€346m), compared with US$466m (€380m) in the second quarter of 2011, while net sales for other fresh produce dropped 5 per cent to US$453.8m (€370m), compared with US$476.6m (€389m) in the second quarter of 2011.
Fresh-cut sales increased 9 per cent to US$109.4m (€89m), while prepared food sales fell 19 per cent to US$78.9m (€64m).
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