Kerry Group 1st Half Net Profit Fell on Revenue Hurt by Pandemic
July 31 2020 - 1:58AM
Dow Jones News
By Matteo Castia
Kerry Group PLC on Friday posted a fall in first-half net profit
on lower revenue, as the pandemic hit the business in the second
quarter.
The Ireland-based food company made a net profit of 213.1
million euro ($252.5 million) for the six months, compared with
EUR239.4 million in the year-earlier period.
Revenue was EUR3.4 billion, down from EUR3.57 billion the prior
year. This was driven by a 12% decline during the second quarter
caused by the pandemic, Kerry said.
Second-quarter strong volume growth in the retail channel was
offset by a 49% drop in the food-service segment, it said.
The board declared an interim dividend of 25.9 European cents,
compared with 23.5 European cents a year earlier.
Write to Matteo Castia at matteo.castia@dowjones.com
(END) Dow Jones Newswires
July 31, 2020 02:43 ET (06:43 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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