September 19, 2008

US company ConAgra faces declination in income
 

ConAgra from the US reported an 18-percent drop in income from continuing operations, to US$107.4 million for fiscal quarter 2009, compared with US$131.0 million for the same period a year ago.

First-quarter sales, meanwhile, rose 17 percent, to US$3.1 billion, compared with US$2.6 billion a year ago.

Once non-recurring items were taken into account, however, net quarterly profit soared 152.2 percent, to US$442.4 million in the most recent period, compared with US$175.4 million a year ago. One of which, was ConAgra's sale of the Pemmican beef jerky brand in July to Brazil-based Marfrig Group for US$25 million.

ConAgra's results were dealt a blow by higher commodity prices overall, and a pretax mark-to-market loss of US$33 million in the company's commodity cost hedging operations.