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Fresh Del Monte Reports Loss
NEW YORK - Aug 1/06 - SNS -- Fresh Del Monte Produce Inc. declared a net loss of U.S. $17.8 million on sales of $907.1 million for the second quarter ending June 30, compared to a net profit of $46.5 million on sales of $922.8 million during the same three month period last year.
The left the company posting a net loss of $1,.6 million on sales of $1,747.1 million for the first half of the current fiscal year, compared to a net profit of $104.4 million on sales of $1.761.3 million the previous fiscal year.
The company blamed the decline in profitability on "continued higher costs related to fuel, raw materials, packaging, labor and transportation as well as the impact of lower sales in the company's other fresh produce and prepared food business segments."
"Our earnings in the second quarter indicate that we are operating in what is the most difficult environment of the last ten years," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer.
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