Barry Callebaut maintains targets

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Related tags: Generally accepted accounting principles, Iso 4217

Swiss industrial chocolate producer Barry Callebaut AG on Tuesday
reported 2000/2001 results in line with analysts' expectations and
maintained its medium-term targets while raising its dividend.

Swiss industrial chocolate producer Barry Callebaut AG on Tuesday reported 2000/2001 results in line with analysts' expectations and maintained its medium-term targets while raising its dividend. It said it expected a further increase in operating profitability in the current business year but said forecasts were difficult because it was hard to gauge the impact of the current economic slowdown. The company said net profit rose eight per cent to 97.1 million Swiss francs (66.6 million euros) in its business year to August 31, 2001 and proposed raising its dividend to 6.70 francs (4.5 euros) per share from 6.50 (4.45euros). Analysts had expected a profit figure of SF91.2-102.8 million (6.25- 7.05 milion euros). Sales rose six per cent to SF2.55 billion francs (1.74 billion euros) and earnings before interest and tax were 13 per cent higher at SF168.0 million (115 million euros). Barry Callebaut said its medium-term target was to increase sales by three to five per cent per year, while the market is seen rising by two per cent. Earnings before interest and taxes should rise at least twice the rate of sales growth while net profit will increase at half the rate of operating income. The shares rose 2.3 per cent in early business to SF178.00 (122euros).

Related topics: Market Trends

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