Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Fresh Del Monte CEO on Earnings

Details

  • Description

    Fresh Del Monte CEO Mohammad Abu-Ghazaleh on how the company will face industry headwinds

  • Duration 3:42
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

And we're in the midst of earning season.

Fresh Del Monte Produce reported a fourth quarter loss today chairman and Chief Executive Officer.

Mohamed Abu -- -- blamed the weak European economy and rising fuel costs for the plus ten million dollar net loss he joins us now by phone.

For more on the company's business -- Coral Gables, Florida Mohamed thank you so much for joining us would you agree with that assessment that reason for your loss in the in the most recent quarter.

Yes thank -- first story and I agree with you that it is -- you'll spend the if you of course.

So what do you do you how do you bounce back what do you forecasting here for this first quarter.

Wherever this is usually the first half of but what we're trying to do is -- -- -- hold these.

You know -- -- goes negative by a but -- efficiencies and reducing our course.

Making -- a lot of production cost less.

How can you do that without passing along the cost two year and user to consumers you know everybody's.

Complaining about higher costs for food and energy -- days.

What I can't tell you for a fact that our prices I mean as a producer and as markets.

Have not been increasing and it came.

-- with what you see in the supermarkets so I mean that we come up big.

I wouldn't like to state that we ought not to we have investigator of this but we don't have usually these hikes and and prices.

On the popularity -- sellable product prices -- -- over the last couple of years.

Interest -- you population around the world is exploding China emerging markets.

Are you able like El Monte fresh -- is able to take advantage of that increasing demand especially for fresh fruits and vegetables.

But definite date has reflected significant on a lot of stated -- penetration in the markets there's more demand.

For fresh produce all over the world and especially for -- Added value and all products I mean we do fresh stopped and we do certain type of -- packaging that would do give it.

Make it more convenient to the consumer.

I mean that -- to cost you more than.

You know there's a Del Monte canned goods which I know you overseeing that product adjusting -- but here in the US it's it's the fresh produce again a fresh fruits -- -- -- That cast at that packaging that have to present challenges to you.

And.

Does -- challenges but I would like you know I mean.

Deploy human is becoming more -- However if there -- an awareness is that is increasing and debt.

We see more products going into the convenience stores.

Like game and petrol stations like -- Have an eleven and -- and and -- like.

-- that that's a very big you know.

Kind of reflection of how the market is that the board.

And are you able to keep up safety in in foods eat food safety with.

The explosion of your products through these areas you hinted quick -- and gas stations as he described.

Definitely -- -- temporary given our agenda as well as we have -- have -- structured to be able to meet.

These challenges we do have been very strict control quality and regime and and would make sure that this.

You know comes to the close to -- bit but most condition.

Mohamed Abu gazelle yeah I think he's.

Got Kellie thank you so much for your timing your insights -- the chairman Chief Executive Officer of fresh del Ponte again we appreciate it very much regulatory.

See your next company updates --

Load More