La Doria, profit down in the first quarter
Increase in revenues and margins
The board of directors of the Salerno-based company La Doria, one of the main Italian producers of tomato derivatives, sauces, legumes and fruit juices with the large-scale retail trade mark, approved on 14/5 the interim management report as at 31/032021. Consolidated revenues amounted to 222.3 million euros, up by 3.9% compared to 213.9 million in the same period of the previous year. At constant exchange rates, turnover would amount to € 224.3 million (+ 4.9%).
Overall, the Group's turnover was generated by "Legumes and vegetables" for 26%, from "Tomato derivatives" for 22%, from "Sauces" for 14%, from "Fruit" for 8% and from the “Other Lines” (trading) for 30%. 84% of sales were destined abroad.
The gross operating result (EBITDA), amounted to € 20.2 million, up by 27.9% compared to the € 15.8 million of the first three months of 2020. Ebitda margin up to 9% from 7.4% of the first quarter of 2020; the operating result (EBIT), which amounts to 15.3 million euros, an increase of 30.8%. Ebit margin stood at 6.9% from 5.5% in the first three months of 2020; while the pre-tax result fell, which amounted to 9.9 million euros, down compared to the 16.1 million euros realized at 31.03.2020, due to the presence of exchange rate charges that had a negative impact of 5.4 million EUR
Net profit, which amounted to € 6.7 million, also down from the € 12.1 million realized in the first quarter of 2020 due to the aforementioned exchange rate charges.
The President Antonio Ferraioli declared:" The La Doria Group has closed the first quarter of 2021 with very positive results. Revenues and Ebitda appeared to grow further after the excellent performance of 2020. The second quarter will be more challenging since it will discount the comparison with the acute phase of the epidemic, but overall we confirm the 2021 targets indicated on the occasion of the publication of the 2020 results and the 2021-2023 Business Plan, i.e. a decrease in turnover compared to the previous year and a EBITDA margin is expanding. The following months and the next few years will see us committed to pursuing our goal of consolidating our international leadership in the private label branded vegetable canned food sector by leveraging, as always, economies of scale, industrial efficiency and of the purchases and the commercial strength of our Group The patrimonial and financial solidity of our Group cons it is also able to evaluate new development opportunities by external lines in order to increase our size and strengthen our positioning by gaining access to new markets and distribution channels".
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