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Del Monte Profits Shrink
NEW YORK - Oct 27/04 - SNS -- Fresh Del Monte Produce Inc. reported net income of $13.7 million on sales of $610.4 million during the third quarter ending September 24, down from net income of $34.43 million on sales of $563.7 million during the same quarter last year.
Del Monte said the decline in gross profit was primarily due to an increase in containerboard and fuel costs, a decline in banana production due to disease and adverse weather, and a decline in banana pricing in Asia.
Gross profit for the first nine months was $197.1 million on sales of $2,087.8 million, compared with $281.3 million on sales of $1,908.1 million for the same period last year.
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