Jam-maker sweetens news of falling income
Swiss-based foods group, Hero, announced Wednesday that net income fell 38 per cent in absolute terms in the first half of 2000. However, the maker of jams and preserves remains upbeat about the outlook for the rest of the year.
The company, which is majority owned by Germany’s Schwartau International, went through a major restructuring last year.
Operating profit was up 25 per cent at SFr30.4 million ($17.5 million), but this was boosted by a SFr11.5 million one-time gain from disposal of Italian real estate. The true figure was a more modest gain of SFr6.7 million.
“For the full year, Hero forecasts a 20 per cent growth in operating profit before other operating income/expenses to around SFr96 million,” the company said in a statement.
Hero, founded in 1886 as “Henckell & Roth”, is one of Europe’s top 20 food producers. Its principal activities are in the manufacture, processing and sale of a wide range of foodstuffs based on fruits.
As a result of the change in ownership during 1995, the company acquired various non-German subsidiaries of Schwartau.
Hero has subsidiaries in Europe, the United States and Puerto Rico.
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