Fresh Del Monte Reverses Fortunes

NEW YORK - Oct 30/-07 - SNS -- Fresh Del Monte Produce Inc. reported net income of U.S. $29.9 million on sales of $757.1 million for the third quarter ending September 298, compared to a net loss of $82.9 million on sales of $729.6 million during the same three month period last year.

This lifted fiscal year to date net income to $145.4 million on sales of $2,517.3 million, compared to a loss of $83.4 million on sales of $2,476.7 million across the first nine months of the previous fiscal year.

Commenting on its results, the company said the increase in net sales was due to stronger banana sales, primarily due to planned volume reductions and higher worldwide banana selling prices; improved performance in the Company's Prepared Food business segment, resulting from lower industry supply of canned pineapple products in Europe; and favorable foreign currency exchange rates in Europe.

The increase in gross profit for the quarter was driven by the significant operational improvements in the Company's Other Fresh Produce and Prepared Food business segments, higher selling prices of bananas, favorable foreign currency exchange rates, and ongoing operational efficiencies and improvements. These gains were partially offset by the impact of higher product procurement and distribution costs.

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