Fresh Del Mont Posts Q4 Loss

NEW YORK - Mar 1/06 - SNS -- Fresh Del Monte Produce Inc. reported an after tax loss of U.S. $3.5 million on sales of $757.9 million during the fourth quarter ending December 30, compared to an after tax profit of $19.1 million on sales of $818.2 million during the same quarter of the previous fiscal year.

This reduced the 2005 fiscal year profit to $106.6 million on sales of $3,259.7 million, compared to an after tax profit of $139.2 million on sales of $2,906 million the previous fiscal year.

In reporting the quarterly data, the company said the "decrease in sales for the quarter was due to significantly lower banana pricing and increased competition in Asian markets, lower-than-expected sales of gold pineapples during the Christmas holiday in Europe and Thanksgiving holiday in North America along with increased competitive pressures in the United Kingdom in the Company's prepared food business."

Net sales for the year rose to $3.3 billion from $2.9 billion in 2004. The improvement in net sales for the full year was due primarily to contributions from the Company's prepared food business, along with increased sales in fresh-cut fruit and vegetables and higher banana selling prices in Europe.

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