Spanish olive oil group Deoleo has booked a jump in net losses due to refinancing costs and weaker sales.
The company said yesterday (28 August) it run up a net loss of EUR25.5m (US$33.6m) in the six months to end July, compared to a profit of EUR4.2m in the comparable period of last year.
The heavily indebted olive oil maker completed a refinancing deal this year in a bid to gain increased financial flexibility. As a result, the group registered one-off expenses totalling EUR23m.
Deoleo also saw sales slide 6.4% in the six months, dropping to EUR356.9m. The company said the decline was the result of lower prices due to last season’s strong olive harvest.Costs weigh on olive oil group Deoleo bottom line,