Dutch dairy giant FrieslandCampina has booked an increase in first-half profits as sales increased despite tough conditions in Europe.
Earnings in the six months to the end of June amounted to EUR138m (US$218.8m), an 8.7% increase on the prior-year period, the company reported today (30 August). The growth was achieved due to increased operating profit and reduced financing expenses, despite higher tax expenses compared to the first half of 2011.
Operating profit in the period climbed 3.3% to EUR217m, while net sales grew 7.8% to EUR5.01bn.
The acquisition of Alaska Milk Corp contributed EUR63m to revenue growth. Organic sales growth amounted to 6.3%.
"FrieslandCampina can look back on a good first half of 2012," said CEO Cees 't Hart. "Both revenue and result rose despite the difficult market conditions in Europe and the steep drop in the market prices for butter and milk powder."
