Fresh Del Monte endures challenging year
Feb 27, 2007 10:58 AM
Fresh Del Monte Produce Inc has reported financial and operating results for the fourth quarter and year ended Dec 29, 2006. Net sales for the 2006 fourth quarter decreased 3 percent to $737.6 million, compared with $757.9 million in the fourth quarter of 2005. For the year, net sales declined 1 percent to $3.214 billion, versus $3.260 billion in 2005.
“By every measure, 2006 was the most challenging year in nearly a decade,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer.
Gross profit for the 2006 fourth quarter was $56.3 million, compared with gross profit of $40.5 million in the fourth quarter of 2005. For the year, gross profit was $186.5 million, in contrast to gross profit of $311.5 million in 2005.
The company reported a net loss of $59.9 million in fourth quarter 2006, compared with a net loss of $3.5 million in fourth quarter 2005. For the full year, a net loss of $145.1 million was reported, versus net income of $106.6 million in 2005.
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