Sunday, May 3, 2009

Del Monte Earnings Fall 45%

The profits of Del Monte Fresh Produce Inc. fell 45 percent in the first quarter of 2009 due to problems in the production of fruit from Costa Rica and Guatemala, it was learned yesterday.

In a communique published on page, Mohammad Abu-Ghazaleh, executive officer of the company, explained that climate problems hurt banana production in Costa Rica and Guatemala, as well as pineapple, in this last quarter.

These factors led to an earnings per share of $ 0.56 per share as of March 27th, below the $ 1.07 in the first quarter of last year.

"There were interruptions in our operations, a significant decrease in fruit quality, and higher production costs and logistics," added the executive.

The manager of the Association of Independent Banana Producers, Nery Moran explained that not all regions were harmed by the weather. He noted that the plantations of the South Coast had no problems, and that exports are continuing normally.

The full Del Monte quarterly report is here:

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