Spain's Ebro Foods has posted an 11% year-on-year growth in net turnover to €698.7 million in the first quarter of its financial year.
The food group's EBITDA grew by 8% to €85.4 million, after adjusting prices to the cost inflation experienced in 2018.
Net profit registered a drop of 15%, to €37 million, when compared with figures from the same period in 2018.
Net debt rose by €88.3 million year-to-date, to €793 million, as a result of applying the new IFRS 16 and investment in organic growth, the company said.
Divisional Performance
Turnover in the company's rice division was €386.2 million with an EBITDA €50.3 million.
It was driven by the positive performance of its brands in North America and Europe.
The pasta division registered a turnover of €327.9 million, and an EBITDA amounting to €38.2 million.
Outlook
The company said that it had a satisfactory start to 2019 and its outlook for the new financial year is optimistic.
In the United States, the food group is beginning to see the results of its action plan for recovering the margins in its rice business.
Product launches in its core businesses have gone down very well with consumers, the company said.
It has added a new category of premium fresh pasta to its Garofalo range, and expanded its market to Italy, France, Switzerland, and Sweden.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
