Fresh Del Monte Produce Net Drops

NEW YORK - Nov 8/05 - SNS -- Fresh Del Monte Produce Inc. reported net income of U.S. $5.7 million on sales of $740.5 million for the quarter ending September 30, compared to a net of $13.7 million on sales of $610.4 million during last year's third quarter.

This lifted net income for the fiscal year to $110.1 million on sales of $2,501.8 million, compared to a net of $120.1 million on sales of $2,087.8 million across the first nine months of the previous fiscal year.

Del Monte said the growth in net sales in the quarter and nine months was due primarily to contributions from its prepared food business, along with significantly higher banana selling prices in Europe and Asia, and expanding sales of fresh-cut fruit and vegetables in North America and Europe.

Fresh Del Monte's gross profit for the third quarter of 2005 was $50.5 million, compared with a gross profit of $30.8 million for the third quarter of 2004. Gross profit for the first nine months of 2005 was $271.0 million, compared with $197.1 million for the same period last year.

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