Kraft Heinz profits $842 million in the fiscal quarter

Kraft Heinz, controlled by the brazilian firm 3 g Capital Partners, recorded a net profit of $842 million drivers in its third fiscal quarter, ended on 2 October. In the third fiscal quarter a year earlier, the company had recorded a loss of $303 million.
The performance, according to the company report, reflected a combination of significant synergy gains and redemption of preferred shares.
"Overall, our third quarter results are a good representation of where we are as a company," said the President of Heinz, Kraft Bernardo Hees.
"While our financial performance is respectable, we continue having the opportunity to improve our offerings and retail execution in several key markets, and to take our brands to places where haven''t we operate. Our focus now is to finish strong and get the 2016 scenario for another year of strong growth and profit in 2017, "he added in a report.
In the period, the company recorded a growth of 2.4% in net revenues, to $6.267 billion. The costs of goods sold were reduced by 9.9% to $4.048 billion. Gross profit, with this advanced 36.2%, to $2.22 billion.
The cost of sales, General and administrative also had reduced in the third quarter, from 34.5% to $805 million. Profit before tax came to $1.105 billion, compared with a loss a year earlier of $168 million.