Nutreco does not reach €180m profit forecast
Dutch animal feed maker Nutreco reported on Thursday a 15.5 percent rise in full-year 2008 operating profits. The company reported earnings before interest and taxes (EBIT) of 172.1 million euros ($222.5 million), up from 149 million euros in 2007 and short of an average forecast by analysts of 180 million euros according to Reuters Estimates.
Nutreco, which is the world’s biggest producer of fish feed, said due to global economic uncertainties it will opt for financial prudence, which could temporarily slow down its acquisition strategy.
"Given the current circumstances we have extended the timeframe for reaching the EBITA target of 230 million euros to 2010-2012," from 2010, the company said in a statement. But the company said due to its strong balance sheet and market positions it is well placed for challenging circumstances.
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