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.
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.