Fyffes expects profits to be lower than expected

FYFFES warned yesterday that its 2007 earnings were likely to be lower than expected due to an increase in fuel prices and higher than anticipated losses at its Brazilian joint venture, Nolem.

The fruit group adjusted its earnings before tax and interest (EBIT) by 25% from €20 million to €15m.

Fyffes also said European selling prices for bananas had not recovered as much as expected recently.