Fresh Del Monte Produce has reported a surge in profit for the third quarter, driven largely by higher sales and prices for bananas.
Coral Gables, Florida-based Fresh Del Monte's third-quarter profit rose to $19.9m from $6.4m last year.
The fruit and vegetable supplier said sales for the third quarter grew 3% to $884.6m from $861.1m last year, driven by higher sales at banana and other fresh produce business segments.
The company noted that the uptick was primarily due to increased sales volume of bananas and pineapples in North America and higher worldwide banana selling prices.
During the period, banana sales rose 5.3% to $423.8m on a 2% increase in volume and 3% increase in price. Other fresh produce sales rose 1% to $371m, while prepared food sales dropped 3.1% to $89.8m.
Fresh Del Monte Produce chief executive Mohammad Abu-Ghazaleh said, "Our performance was driven by higher sales volume in our banana and other fresh produce business segments and increased worldwide banana selling prices.
"As we look forward, we will adhere to our long-term strategic plan to further diversify our product line, expand our distribution channels and presence in new and existing markets, and increase value for our shareholders."
