Turnover down 4 to 5 %
Kraft Foods managed a 4.5 billion dollar (4 billion euro) turnover in the second quarter, down 5 % compared to the same period last year. Ketchup and soup manufacturer Heinz saw its turnover drop 4 % to 2.6 billion dollars (2.3 billion euro). While Kraft managed a 500 million dollar net profit thanks to cost-cutting measures, Heinz had to take in a 164 million dollar loss because of exchange rate fluctuations. Its operational profit did grow however.
It was the last time either company posted financial numbers as a separate entity as Berkshire Hathaway, Warren Buffett’s investment company, acquired Kraft Foods in March 2015 for 10 billion dollars and merged it with ketchup manufacturer Heinz, which was acquired 2 years ago for 28 billion dollars.
Kraft Foods once belonged to the global conglomerate Kraft, which split into 2 companies in 2012: Mondelez International and Kraft Foods, with the latter focusing mostly on North America.
