American food giants Kraft and Heinz have experienced turnover drops in their second quarter, which is the last time they will post separate numbers as they have merged into Kraft Heinz this summer.
Turnover down 4 to 5 %
Kraft Foods managed a 4.5 billion dollar (4 billion euro) turnover in the second quarter, down 5 % compared to the same period last year. Ketchup and soup manufacturer Heinz saw its turnover drop 4 % to 2.6 billion dollars (2.3 billion euro). While Kraft managed a 500 million dollar net profit thanks to cost-cutting measures, Heinz had to take in a 164 million dollar loss because of exchange rate fluctuations. Its operational profit did grow however.
It was the last time either company posted financial numbers as a separate entity as Berkshire Hathaway, Warren Buffett's investment company, acquired Kraft Foods in March 2015 for 10 billion dollars and merged it with ketchup manufacturer Heinz, which was acquired 2 years ago for 28 billion dollars.
Kraft Foods once belonged to the global conglomerate Kraft, which split into 2 companies in 2012: Mondelez International and Kraft Foods, with the latter focusing mostly on North America.