Import regulation changes hit Fyffes profits

New-look fruit distribution company Fyffes has announced before-tax profits of €22.3m for 2006.

Changes in the EU’s banana import regulations at the start of 2006 cost Fyffes €40.9m in the year, the company said today. Costs were also up in fruit, shipping and fuel "combined with less favourable average exchange rates and lower average banana selling prices in Continental Europe", all affecting the bottom line.