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Deoleo Reduces Losses By 75% In First Half Of Year

Spanish olive oil company Deoleo has announced that it reduced its losses by 75% to €5 million in the first six months of the year, compared to a loss of €19.8 million in the same period last year.

Revenues increased by 1.5% to €344.2 million, while the net result for the second quarter of the year totalled €2.6 million.

However, group EBITDA dropped to €20.4 million due to changes in the price of raw materials and the company's restructuring costs.

Oil Market

In spite of challenges in the olive oil market, with prices rising following a period of drought in the Mediterranean, Deoleo saw profitability increase in all business units, with the exception of Northern Europe. Profitability increased in Southern Europe by 31%, and in North America by 10%.

The international markets unit increased its EBITDA by 20%, having grown more than 40% in 2016, which the company attributes to a new distribution model in India, and expansion in the Middle East.

Deoleo sells olive oil under brands including Bertolli, Carbonell, and Koipe.

© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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