Business News
Kraft Foods profits plunge in 2008 Q4
Feb 4, 2009, 12:02 GMT
New York - US food concern Kraft Foods reported Wednesday that its fourth-quarter 2008 profit plunged some three-quarters amid a weak North American market and downward pressure on prices.
The Northfield, Illinois-based company said its surplus in the fourth quarter was 163 million dollars, a falloff despite a 6 per cent rise in sales, to 10.8 billion dollars.
For the full year 2008, net profits were up almost 12 per cent to 2.9 billion dollars, while sales gained 17 per cent to 42.2 billion dollars, the world's second-biggest food concern after Swiss group Nestle, said.
Besides the weak American market and pressure on prices, earnings were also hurt by writedowns of assets, Kraft said.
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