Kraft ‘s acquisition of Cadbury helped it post a 13% increase in profits despite weaker sales in its domestic market.
The US manufacturer said second-quarter net profits hit £590m, up from £521m the previous year, with net revenues 25.3% higher at £7.8bn. In North America, net revenues rose 6.3% - but revenues would have dropped 1.9% without the acquisition of Cadbury in February.
Kraft attributed the slower sales to a continued weak consumer environment and aggressive promotional activity by competitors in several categories.
In Europe, net revenues jumped 34.1% – or by 2% without the contribution of the Dairy Milk maker. Solid growth in the UK and France was offset by slower performances in the struggling economies of Spain and Greece.
Kraft chief executive Irene Rosenfeld said the firm would continue to invest in building its brands and harmonising its business with Cadbury.
“We’re making excellent progress on the Cadbury integration and expect to realise even greater synergies,” she said.
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