March 27, 2009
Cehave net profits reached US$14 million in 2008
Animal feed cooperation Cehave announced its net profit in 2008 reached EUR10.1 million (US$13.7 million), down from EUR14.8 million (US$20 million) in the previous year.
The lower year-to-year result was partly due to poor margins in Belgium's egg sales.
Dry by-products included, the total compound feed sales rose by over 11 percent. All business units, with the exception of Feed Belgium, contributed to the higher volume. Turnover rose 25 percent to EUR1.2 billion (US$1.6 billion) in 2008 from EUR959 million (US$1.3 billion) in 2007.
Cehave Director Kees Sijssens said 2008 was a difficult year, as 6-percent less poultry feed were sold to Belgium, low egg prices and high animal feed costs.
Large currency decreases in Hungary and Poland and sharp fluctuations in raw material prices in 2008 also impacted negatively on earnings.