Costs linked to the spin off of US cereal firm Post Holdings have hit its quarterly profits but the Grape Nuts maker saw sales increase 8%.
Post reported net earnings of US$7.6m for the three months to 31 December, the first quarter of its financial year. A year earlier, net earnings were $12.8m.
Adjusted EBITDA, however, was up 15.1% at $52.5m, with gross profit increasing 7.9% to $105.7m.
A 6% rise in volumes boosted sales. Post pointed to improved sales of Honey Bunches of Oats, Grape Nuts and Pebbles.
Source:
http://www.just-food.com/news/spin-off-costs-hit-post-profits-but-sales-up_id122082.aspx
