Puleva Biotech sees strong growth
Puleva Biotech, the functional foods subsidiary of Spanish food
group Ebro Puleva, recorded a 3 per cent increase in net profit in
the first nine months of the year on the back of a 50 per cent rise
in turnover to €5.34 million.
group Ebro Puleva, recorded a 3 per cent increase in net profit in
the first nine months of the year on the back of a 50 per cent rise
in turnover to €5.34 million.
The sales growth is being driven primarly by increased demand for its functional food ingredients to the parent firm.
EBITDA grew 27 per cent to €2.7 million, said Puleva Biotech, but it has also seen increasing costs related to investments in its plant and certain R&D projects over the nine-month period from a year earlier.
Puleva spent around €3 million on a new plant to manufacture its new probiotic strains for the dairy industry.
But earlier this month it warned that net profits were expected to decline to €1.42 million in 2004 and to €1.16 million in 2005 from the €1.89 million recorded in 2003.
An upward trend in earnings is expected to resume in 2006, when net profit is forecast at €1.7 million, said the company.
