Underlying Profit Up At FrieslandCampina
summary：Rising milk prices over the past 12 months led to a jump in underlying profits at Dutch dairy group, FrieslandCampina, according to results posted today....
Rising milk prices ove
r the past 12 months led to a jump in underlying profits at Dutch dairy group, FrieslandCampina, according to results posted today.The company said that sales increased by 10.8% in 2013 to €11.4 billion.
However, net profit at the Yazoo maker fell 43.5% in 2013 to €157 million. The sharp fall in net profit is down to what the companies calls impairment charges to due with an "ongoing crisis" in Europe, as FrieslandCampina wrote off various subsidiaries throughout the course of the year.
Similarly, operating dropped 35.7% to €313 million.
The company said that without these impairment charges, net profit actually increased 17.6% to €327 million, while operating profit rose 5.3% to €513 million.
Media reports emerged yesterday quoting a FrieslandCampina spokesperson, along with representatives from Nestlé and Arla foods saying that there has been no disruption to their operations in and exports to Ukraine.