Kraft Foods doubles quarterly profits

Thursday, 30 October 2008
Kraft Foods has more than doubled its income in the third quarter of the year compared to 2007, it said.

The firm said it earned $1.4bn (£0.85bn) during the period, more than the $596m made in this quarter last year.

Chief executive Irene Rosenfeld said the company has performed well despite the deterioration of the economy worldwide.

She said: "Our results have again shown that we're able to build our business momentum despite significant headwinds."

Commodity costs will remain high, Rosenfeld added, although some will fall but that does not necessarily mean the company will lower the price of some items.

In August, Kraft said it was relaunching the famous Dairylea brand, supported by a massive media campaign.
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