Grupo Calvo increases turnover in 2017, but its gross profit falls
Tuna products from Calvo. (Photo: Calvo)
Grupo Calvo managed to increase its global sales last year, thus consolidating a decade of growth, but the higher costs of raw material in Brazil had a negative impact on its operating profits.
The international food group recorded a 7.5 per cent increase in its global sales during 2017, compared to the previous year, to EUR 618.3 million, and the volume of sales of finished products grew by 1.7 per cent, to 102,971 tonnes.
However, its normal gross operating profit (EBITDA) was reduced by 6 per cent to EUR 62 million.
"Despite the pressure on the results at its Brazilian subsidiary Gomes da Costa due to the scarcity of local raw materials (mainly sardines) and the depreciation of the Brazilian currency, which implied an increase in its imports, the group increased or maintained th...