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GK sales top $40b, but profit sluggish
published: Friday | November 21, 2008
Sabrina N Gordon, Business Reporter
Douglas Orane, chairman of GraceKennedy, is taking a "systematic" approach to growth. - File
Conglomerate GraceKennedy Limited reported a slight dip in earnings in the July-to- September quarter, but its nine-month result indicate signs of a company with strong sales and a slightly better profit outurn.
GraceKennedy's bottom line grew 6.7 per cent, from $1.71 billion to $1.83 billion, within the nine-month period when sales topped $40.1 billion (9M 2007: $35b).
In the third quarter, however, net profit slipped from $591 million to $556 million on revenues that were basically flat - moving from $12.4 billion to $12.8 billion.
"The world is in a global financial crisis and we need to prepare ourselves. In GraceKennedy we make sure that everything is done in a systematic way," said Douglas Orane, chairman and chief executive officer of GraceKennedy.
GK sales top $40b, but profit sluggish
published: Friday | November 21, 2008
Sabrina N Gordon, Business Reporter
Douglas Orane, chairman of GraceKennedy, is taking a "systematic" approach to growth. - File
Conglomerate GraceKennedy Limited reported a slight dip in earnings in the July-to- September quarter, but its nine-month result indicate signs of a company with strong sales and a slightly better profit outurn.
GraceKennedy's bottom line grew 6.7 per cent, from $1.71 billion to $1.83 billion, within the nine-month period when sales topped $40.1 billion (9M 2007: $35b).
In the third quarter, however, net profit slipped from $591 million to $556 million on revenues that were basically flat - moving from $12.4 billion to $12.8 billion.
"The world is in a global financial crisis and we need to prepare ourselves. In GraceKennedy we make sure that everything is done in a systematic way," said Douglas Orane, chairman and chief executive officer of GraceKennedy.
GK sales top $40b, but profit sluggish