'Strong Headwind' In Infant Nutrition Impacts FrieslandCampina In H1
A 'strong headwind' in its infant nutrition business, particularly in Asia, has impacted revenues and profits at dairy giant FrieslandCampina in the first half of its financial year.
The group said that revenue for the period was down 1.8% to €5.5 billion, or increased by 0.8% if adjusted for currency translation effects. Profit fell by 42.6% to €62 million, largely due to a €57 million provision for a court ruling in Thailand.
'Difficult' Market Conditions In Infant Nutrition
"Good results by the Food & Beverage and Trading business groups and realised cost reductions were not sufficient to offset the strong headwind in infant nutrition," commented Hein Schumacher, chief executive.
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