September 12, 2007

Provimi H1 net profit down 26.6 percent

French animal feed maker Provimi said on Tuesday (September 10) that first-half net profit fell 26.6 percent due to restructuring costs and higher financial expenses.

Soaring grain prices also weighed on operating profitability in the first-half, and Provimi said it would pursue its restructuring as higher raw material prices may continue to weigh on market conditions in the second half.

Net profit in the six-months to June 30 fell to 18.8 million euros from 25.6 million euros in the same period a year ago.

Operating profit declined 15.1 percent to 42.1 million euros, despite a 13.9 percent rise in revenue to 976.5 million euros.