Heinz's profit advances 11.7% in the fourth fiscal quarter

SAO PAULO-the net profits of the American manufacturer Heinz condiments added $ 195.9 million in the fourth quarter of the fiscal year 2013, ended April 28. In comparison with the same period in 2012, the last line of advanced 11.7% swing. The result is assigned to the controlling shareholders.
Net revenues dropped 0.7% in the quarter, to $ 2.99 billion. But gross profit advanced 6.2%, helped by efficiency improvement initiatives, and reached US $ 1.07 billion.
On February 15, the company announced its sale to the private equity fund, 3 g Capital, the Brazilian Jorge Paulo Lemann, and for the American Investor Warren Buffett, for a total of $ 28 billion.
As a result of the operation, the company incurred in General and administrative costs of $ 44.8 million, before taxes, related to legal and accounting fees in the fourth fiscal quarter. In addition, the company records rou $ 3.5 million, before taxes, in cost of products sold, related to the closing of assets in a factory in South Africa. Due to devaluation of Venezuela's currency, the Bolivar, against the dollar, the currency losses were Heinz $ 42.7 million in the period.
In the tax year, the ketchup maker's operation has been more stable, with growth in all lines of the balance sheet. Net income attributed to the controllers, for example, rose 9.7% and reached $ 1.01 billion. At the same time, the recipe was discharged from 0.2% to $ 11,53 billion.
What sustained the momentum of sales was the presence in the region that includes Asia and the Pacific. That group sales advanced 1.3%, reaching $ 2.53 billion. In the United States, however, was observed fall of 1.4% to $ 3.19 billion. In Europe there was a low of 3.7%, to $ 3.31 billion.
The company said earnings in its final result with an improvement in efficiency. The cost of goods sold was reduced by 2.4% and reached $ 7.33 billion and General and administrative expenses climbed only 1.6% ram, to $ 2.53 billion.
With this, the operating profit of Heinz jumped 10.6 percent, to $ 1.66 billion in the fiscal year. The increase in profitability guaranteed improves on the last line of the balance sheet even with 45.9% greater loss of operations that will not be continued — for $ 74.7 million — and "other expenses" of $ 62.2 million in the financial year, against $ 7.7 million in the previous.