Fresh Del Monte Produce: Drops as sales decline overshadows dividend raise

Del Monte

28/10/2020 18:01

** Shares of fresh produce supplier  FDP.N  falls 5.4% to
$22.76; set for worst day in about five months
    ** FDP says net sales declined 8% in Q3 as weak sales of
bananas and fresh-cut fruits and vegetables offset the growth in
its pineapple business  urn:newsml:reuters.com:*:nBw497Rw1a
    ** The banana business is a very big mess as its production
and oversupply is coming to an extreme in the world - CEO
Mohammad Abu-Ghazaleh    
    ** Q3 profit also drops, but FDP's board doubles quarterly
cash dividend to 10 cents per share, payable on Dec. 4 to
shareholders of record on Nov. 11
    ** Including session's move, FDP has shed about a third of
its value this year

 (Reporting by Praveen Paramasivam in Bengaluru)
 ((Praveen.Paramasivam@thomsonreuters.com))