Fromageries Bel Increases 2013 Sales But Profits Fall
French dairy group Fromageries Bel increased sales by 2.7% to Eur2.72 billion in 2013. Excluding a negative 2.6% impact from foreign exchange fluctuations, full year sales advanced 5.3% organically.
However, the group has been subject to a sharp increase in raw material prices since the second half of 2013. Despite measures to attenuate the situation, Bel confirms that it expects operating income for the second half of 2013 to be considerably lower than in the first half of the year.
Furthermore, net profit will be weighed down by a tax adjustment of some Eur20 million claimed against Fromageries Bel in France for the 2008 financial year. The group is contesting this tax adjustment and has decided to pursue legal recourse. Fromageries Bel will report its 2013 annual results on March 21, 2014.
