Spanish food processing firm Ebro Foods has reported that its net earnings for the first half of 2013 increased 5.5% to €71m, compared with €67.2m for the same period in 2012.
For the period, net sales decreased 1.1% to €1bn, compared with €1.01bn for the same period a year ago, due to change in the scope of consolidation following the sale of the Nomen, La Parrilla, La Cazuela, Pavo Real and Nobleza brands to comply with the condition imposed by the Spanish antitrust authorities for authorizing the purchase of the SOS rice business.
Ebro Foods posted earnings before interest, taxes, depreciation, and amortization (EBITDA) of €131.5m, 2% lower compared with the first half of last year.
Segment-wise, Ebro Foods' rice division reported net revenues €553.7m and EBITDA of €68.2m, the division was hampered by massive default of contracts for basmati rice supplies in India and the severe drought persisting in Texas.
In addition, the company's pasta segment posted revenues of €471.4m and EBITDA of €67m. The company stated that as durum wheat prices remain stable, the development of the pasta division has been positive and the change of strategy implemented in the US in the second half of 2012 is starting to produce benefits.
At the end of H1, Ebro Foods' debt totaled €324m, 10% less than in the same period of 2012.