Wessanen Sees Less Loss

February 24/ADP News Netherlands -- Dutch food firm Royal Wessanen reported a net loss of 8.9 million euros ($2.2 million) for the fourth quarter of 2010, compared with a loss of 111.7 million euros a year earlier.

Analysts had reckoned with a small profit of 300,000 euros.

The quarterly sales increased to 172.5 million euros from 168.9 million euros. The organic growth was negative at 1.7%.

Operating loss declined to 12.1 million euros from 43.7 million euros. Non-recurring costs of 13 million euros weighed on the result. Excluding these items, Wessanen posted an operating profit of 900,000 euros, against a loss of 500,000 euros a year ago.

The company's debt amounted to 28.8 million euros at year-end, sharply down from 175 million euros at end-2009.

Shareholders will receive a dividend of 0.05 euros per share in cash or stock.

From the February 2, 2011, Prepared Foods' Daily News
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