Ebro Puleva Sales Hit By Downturn, BMI Still Expects Earnings Growth

Spain's largest food group, Ebro Puleva, has reported a rise in earnings but a drop in net sales for the first half of 2010. In the six months to June, Ebro Puleva's net sales from continuing operations declined by 6% to EUR848.8mn, while net profits on the same basis rose by 30.5% to EUR55.4mn. The drop in sales can be attributed to weakness in demand due to Spain's difficult economic situation. However, with Ebro Puleva having divested its lower growth units it looks well placed to continue increasing its earnings and margins despite the difficult operating

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