Origin Enterprises: Net Income Falls in H1/2010

Dublin / IE. (oe) Food and agri-business group Origin Enterprises PLC has reported pre-tax profits of 11,3 million EUR for the six months to the end of January, down from 17,1 million EUR a year earlier. Revenue fell by 16 percent to 596,8 million EUR. Earnings per share were down 22 percent to 0,0868 EUR. Profits in the food division were down twelve percent to just over eight million EUR, while the agri-nutrition business recorded a 21 percent drop to 14,9 million EUR. CEO Tom O’Mahony said conditions in the food business were «extremely competitive», but Origin expected its full-year results to be in line with market expectations. Agri-nutrition sales were down 17 percent to 461,6 million EUR, due to lower global fertiliser and food ingredients prices. Food sales dropped 14 percent to 135,2 million EUR. Origin said its 50 percent-owned Welcon joint venture had delivered increased sales and profits, helped by increased demand for fishfeed. Origin Enterprises is a leading player in the Agri-Nutrition sector in Ireland, the United Kingdom and Poland and has leading Ambient Food and Cereal Milling businesses in Ireland. Majority shareholder in Origin Enteprises (71,4 percent) is the Swiss Aryzta AG.
Info: Interim Results Announcement – Half Year ended 31 January 2010 (PDF).

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