United Brands’ Net Falls 75% for Nine Months
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A decline in the selling price of bananas and the strength of the U.S. dollar caused net income of United Brands Co. to plummet 75% for the nine months ended last Dec. 31.
The New York-based food-processing company reported net income for the nine months of $11.5 million on sales of $2.4 billion, compared to net income of $45.4 million on sales of $2.5 billion in the same period of 1983.
In the third fiscal quarter ended last Dec. 31, net income fell to $1.6 million from $8 million in the comparable quarter of 1983. Sales rose to $803 million from $796 million.
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