Fresh Del Monte Produce Inc has posted a third-quarter profit, boosted by lower costs and strong banana sales.

Shares have been pushed up as much as 10 per cent to the highest point this year.

The Florida-based business reported net income of $29.9 million (£14.3m), compared with a net loss of $82.9m a year ago.

Net sales, which rose four per cent to $757.1m, were helped by the prepared food business.

Banana sales accounted for more than a third of total sales this quarter, rising seven per cent on planned volume reductions and higher worldwide selling prices.

The higher prices for bananas globally were brought on by stronger demand from Russia and the Middle East, as well as a less fragmented supplier base, according to market analysts.

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