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Dutch dairy cooperative FrieslandCampina reports sharp profit increase

Xinhua, March 12, 2015 Adjust font size:

The results of FrieslandCampina last year were affected by the Russian boycott of food from the European Union, the Dutch dairy giant declared on Thursday.

According to FrieslandCampina the negative effect of the Russian boycott of dairy products on operating profit is estimated at 80 million euros (84.9 million U.S. dollars) in 2014.

The Dutch company still realized an operating profit of 489 million euros last year, 56.2 percent higher than in 2013. Corrected for one-time items and currency translation effects, operating profit went down by 10.7 percent to 458 million euros.

Net profit nearly doubled and reached 303 million euros in 2014, compared to 157 million euros in the previous year.

The sharp increase in profit is due to non-recurring items. Excluding the one-time items and currency translation effects profit declined by 13.1 percent to 284 million euros last year. Revenues remained stable at 11.348 billion euros, compared to 11.281 billion euros in 2013. Endit