Fresh Del Monte endures challenging year

Fresh Del Monte Produce Inc has reported financial and operating results for the fourth quarter and year ended Dec 29, 2006. Net sales for the 2006 fourth quarter decreased 3 percent to $737.6 million, compared with $757.9 million in the fourth quarter of 2005. For the year, net sales declined 1 percent to $3.214 billion, versus $3.260 billion in 2005.

“By every measure, 2006 was the most challenging year in nearly a decade,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer.

Gross profit for the 2006 fourth quarter was $56.3 million, compared with gross profit of $40.5 million in the fourth quarter of 2005. For the year, gross profit was $186.5 million, in contrast to gross profit of $311.5 million in 2005.

The company reported a net loss of $59.9 million in fourth quarter 2006, compared with a net loss of $3.5 million in fourth quarter 2005. For the full year, a net loss of $145.1 million was reported, versus net income of $106.6 million in 2005.

TAGS: Foodservice
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