Spanish food processing firm Ebro Foods has reported that its net earnings for the first quarter of 2013 increased by 2.1% to €32.9m, compared with €32.2m for the same period in 2012.
For the quarter, the company posted a 5.4% decrease in net sales to €502m, compared with €530.9m in the previous year, due to lower prices in the pasta division.
Ebro Foods posted earnings before interest, taxes, depreciation, and amortization (EBITDA) of €64m, sliding 0.8% year on year due to the exclusion from consolidation of the Nomen brand increase in investment in brand advertising.
Segment-wise, Ebro Foods' rice division reported net revenues of €279m and EBITDA of €36m, driven by the positive performance of its European and North American brands, a stable commodity market in Europe and strong progress of its newly launched products.
In addition, the company's pasta segment posted revenues of €263.2m and EBITDA of €30m, slightly offset by lower prices in the US, the increase in advertising, and a loss of consumers' purchasing power in France.
At the end of the quarter, Ebro Foods' debt totaled €258m, €73m less than in the same period of 2012.
