10% higher results Amsterdam Commodities first half 2009
Date:
Aug 27, 2009
Interim dividend € 0,10 per share
Amsterdam Commodities N.V. (Acomo) achieved a net profit of € 3.6 million for the first six months of 2009, a 9.6% increase compared with the same period last year (first half 2008: € 3.3 million).
Amsterdam Commodities N.V. (Acomo) achieved a net profit of € 3.6 million for the first six months of 2009, a 9.6% increase compared with the same period last year (first half 2008: € 3.3 million).
According to management, these good results were achieved in the midst of an economic recession which led to de-stocking and reduced demand for products at industrial level, much lower prices for all commodities andhistorically low interest rates. The increase of the six months profit can be attributed to the strong performance of Catz International, reduced group overheads and financial expenses and the first time consolidation of our new subsidiary Snick EuroIngredients N.V. (Snick). Due to lower prices, consolidated sales were 8% lower at € 77 million (first half year 2008: € 84 million), and also financial expenses decreased by 74%.
Catz International B.V. (spices, nuts and dried fruits) achieved an increase of profit before tax by 10% to € 4.9 million (first half year 2008: € 4.4 million). Sales amounted to € 70 million. This is 11% lower than in the first half year 2008 (€ 79 million) and reflects the lower price levels compared to one year ago. Price volatility remained, however, high and created good trading opportunities. All product groups were profitable. Also Catz’ 100% subsidiary company Tovano B.V. (packed nuts and dried fruits) performed positively.
Catz International B.V. (spices, nuts and dried fruits) achieved an increase of profit before tax by 10% to € 4.9 million (first half year 2008: € 4.4 million). Sales amounted to € 70 million. This is 11% lower than in the first half year 2008 (€ 79 million) and reflects the lower price levels compared to one year ago. Price volatility remained, however, high and created good trading opportunities. All product groups were profitable. Also Catz’ 100% subsidiary company Tovano B.V. (packed nuts and dried fruits) performed positively.
