National Beef Packing Co: Annual Profits Down 53% On BSE
KANSAS CITY - National Beef Packing Co. LLC, the nation's fourth-largest beef processor, on Wednesday said annual profits dropped 53% this year, blaming continued fallout from the mad cow scare. For the fiscal year ending Aug. 27, the Kansas City-based company reported earnings of $20.8 million, compared with earnings of $44 million in 2004. Annual sales actually increased 5% to $4.3 billion from $4.1 billion the year before. But company officials told analysts that the continued high cost for live cattle and lack of imports squeezed profit margins from 1.7% of sales to 1.2%.Source: CattleNetwork
2 December 2005
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