Chocolates Reports Rising Sales, But Profits Hit By Increased Costs

Colombia's largest food company Grupo Nacional de Chocolates has reported rising sales, but falling profits for the first three months of 2009. Over the period, sales increased by 19% to reach COP1.04trn (US$468mn), while international sales rose by 18.7% to US$137.9mn. However, cost of goods sold increased by 26% and administration expenses increased by 25.9%, impacting the bottom line. Net profit fell by 31% to COP44.3bn (US$20mn), while earnings before interest, taxes, depreciation and amortisation (EBITDA) were down by 8% to COP124bn

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