Property exposure hits Fyffes profits

Fyffes’s exposure to the property market, through its 40 per cent interest in spin-off Blackrock International Land, came back to haunt it last week as the fruit importer announced pretax profits of €128,000 for the year to December, down from €13.2

14th March, 2009

Fyffes’s exposure to the property market, through its 40 per cent interest in spin-off Blackrock International Land, came back to haunt it last week as the fruit importer announced pretax profits of €128,000 for the year to December, down from €13.2 million a year earlier.

The group suffered a €29 million hit arising from its share of Blackrock’s losses, which were driven by the slump in property prices. Stripping out this and a number...

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