Kerry profits hit by energy costs

Food giant Kerry Group posted a minor dip in half-year pre-tax profits this week, despite good sales revenue growth.

The Republic of Ireland-based group described the first six months of 2006 as "extremely challenging".

Pre-tax profits were reported as €125.3m, compared with €130.9m a year ago. However, profit post tax stood at €100.7m, up from €100.6m. The company recorded sales revenue growth 7% to €2.26bn and 3.5% like-for-like revenue growth.

It also posted trading profit growth of 1.5% to €162m, while earnings before intangible asset amortisation and non-trading items increased by 2.3% to €103m.

Kerry, which has business operations stretching from meat to dairy, claimed the impact of rising energy costs had limited its trading profit growth.

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