Income for Fresh Del Monte down 57% in year

by Staff
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CORAL GABLES, FLA. — Net income for Fresh Del Monte Produce, Inc. fell 57% during fiscal 2010, led lower by charges related to underperforming banana plantations and higher fruit costs.

For the year ended Dec. 31, 2010, the company had income of $62.2 million, equal to $1.03 per share on the common stock, which compared with income of $143.9 million, or $2.26 per share, during the previous year. Sales for the year were $3,552.9 million, up 2% compared with $3,496.4 million during the previous year.

For the fourth quarter ended Dec. 31, the company suffered a loss of $9.6 million, which compared with income of $28.2 million, or 44c per share, during the same quarter of the previous year. Sales for the quarter were $816.7 million, down 6% from $872.1 million during the same quarter of the previous year.

“During the quarter we continued to reinforce our global business platform with strategic measures to further streamline and enhance our operations, while sustaining what we believe to be one of the strongest balance sheets in the industry,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer. “We are seeing signs these efforts are having a positive effect on our operations and we are very optimistic this trend will continue in 2011.”

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