Michael Foods Has Booked an Increase in First-Half Net Profit as Lower Financing Costs

Michael Foods has booked an increase in first-half net profit as lower financing costs, improved margins and higher sales boosted the bottom line. 

The US egg packer said today (14 August) its net earnings for the six months to 30 June rose to US$7.6m, up from a loss of $5.6m in the comparable period of last year. The company said the figure was boosted by lower financing expenses and higher margins, which more than offset a legal expense relating to the loss of a patent infringement case in the second quarter.

First-half EBITDA rose 10.3% year-on-year, climbing to $114.5m. Sales were boosted by pricing action and new customer wins during the half, gaining 5.3% to $881.5m.