Ebro Foods Posts Profit Drop Due To Rice Price Increases
Spanish food company Ebro Foods has posted a 15.9% drop in net profit to €43.4 million in the first quarter of 2018, due to a hike in commodity prices in its rice division.
Sales were down 0.9% to €628.7 million as a result of a lower dollar exchange rate. At constant exchange rates, sales revenue would have grown by 3.9%.
The retailer’s EBITDA, or gross operating profit, dropped 15.9% to €79.1 million.
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