19 April 2000
AB Foods pre-tax profits down

PRE-TAX profits for Associated British Foods at the half-year stage have dropped from 185 million to 170m.

This is blamed on lower returns from the companys dwindling cash mountain, reports The Daily Telegraph.

Investment income during the period fell from 48m to 23m.

The groups British Sugar offshoot, which contributes half of the operating profits, had its earnings cut by an estimated 10m because sugar prices are fixed by the weak Euro, reports The Telegraph.