September 19, 2007

Evialis profit falls in H1

French animal feed maker Evialis reports that its first-half recurring operating profit almost halved due to higher grains prices and restructuring costs.

The company said recurring operating profit fell to 1.5 million euros from 2.9 million euros on sales up 11 percent at 350.4 million euros.

It said it struggled to fully pass on the rise in raw materials prices in mature markets like France.

Net profit was unchanged at 1.8 million euros after a 1.4 million euro tax credit.

The 34.14-euros-a-share offer for Evialis launched by Financiere Evialis is due to close on Wednesday. Financiere Evialis is 55 percent owned by farming cooperative Union InVivo while its remaining shares are held by Unigrains (25 percent) and Sofipar (20 percent).