US: Corn Products International earnings drop 85%
Corn Products International, supplier of high fructose corn syrup to the soft drinks industry, has reported a slide in earnings for 2009.
The US manufacturer of starches, syrups and glucose on Tuesday (2 February) reported 2009 full-year earnings of $41.1m, a drop of 85% on the previous year.
The result for the year to the end of December included a 14% negative impact from costs related to the terminated merger with Bunge.
Annual net sales of $3.67bn in 2009 declined 7% as a result of unfavourable foreign currency translation of $183m, lower volumes and lower price/mix.
"The second half showed marked improvement as we worked through the higher corn costs, foreign currencies turned in our favour, and volumes began to recover,” said CEO Ilene Gordon.
Operating income of $153m in 2009 was down 65% compared with $434m a year earlier. The figure included a negative impact of $125m in impairment and restructuring charges.
In North America, net sales dropped 4% to $2.27bn, while in Asia and Africa, sales slid 14% to $392m.
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