Ebro Foods 9-month profit climbs on higher prices

Ebro Foods SA

27/10/2021 17:10

Oct 27 (Reuters) - Spanish dried-food producer Ebro Foods
 EBRO.MC  posted a 5.8% rise in net profit in the first nine
months of the year on Wednesday after raising prices to offset
higher costs.
    European commodities have been affected by higher energy,
oil and shipping costs, which have also driven up consumer
prices in Spain and pushed inflation to a 13-year-high in
September.  urn:newsml:reuters.com:*:nL8N2RA1TA
    "Prices have been rising throughout the year, but have
spiked dramatically since June 2021," the company said in a
statement, adding it expected costs to rise 83 million euros
this year, following a 60 million euro increase in 2020. 
    Net profit for January to September stood at 155.2 million
euros, up from 146.7 million euros a year ago, while sales edged
down 3.5% to 2.08 billion euros. 
    The Spanish food group expects price increases will allow it
to remain profitable into the end of the year and it forecasts
2021 sales of between 2.79 and 2.83 billion euros.
    Adjusted earnings before interest, taxes, depreciation and
amortization should come to between 347 million and 352 million
euros, the company said. 
    ($1 = 0.8620 euros)

 (Reporting by Aida Pelaez-Fernandez
Editing by Nathan Allen and Mark Potter)
 ((Aida.Pelaez-Fernandez@thomsonreuters.com; +48 58 769 65 94;))