Fyffes’ profits rise almost 28%

FYFFES has reported a near 28% rise in profits for 2005 but says earnings this year will be hit by changes to the EU banana import regime and higher costs.

Pre-tax profits reached €105.8 million, from €82.7m, as higher banana prices and favourable foreign exchange rates offset lower volumes and increased costs. Total revenues for the year increased 11.3% to €2.17 billion. When Fyffes’ share of sales from joint ventures and associates are stripped out, revenues were €1.74bn, 15.2% up on 2004.

The company’s tropical produce division, which includes banana sales, made operating profits of €77.5m (51% up year-on-year) on revenues of €473.9m. Fyffes’ chairman Carl McCann yesterday said the rise in profits was down to its operations in Europe.