Fage Swings Back To Profit

Greek dairy producer Fage swung back into profit in the first half of 2009, following two successive years of losses. In the six months to June 30 the firm generated net profits of EUR6.2mn, which compares to a loss of EUR11.1mn in the same period in 2008 and a loss of EUR11.7mn for 2008 as whole. The healthy performance was driven by an improvement in gross profits and the positive impact from the reduction of a fine imposed by the Greek Competition Authority. However, net sales over the period fell by 3.9%, with the decline largely attributable to the economic

To read the full article, please choose one of the following options: