CSM B.S.N.A. unit posts EBITA gain

by Eric Schroeder
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DIEMEN, THE NETHERLANDS — EBITA of the Bakery Supplies North America division of CSM n.v. in the first quarter of fiscal 2009 was $21.1 million, up 4.5% from $20.2 million in the first quarter last year. Sales were $391.8 million, down 4%. Reported in euros, CSM said EBITA rose 20% and sales were up 10%.

Bakery Supplies Europe EBITA was €6.3 million ($8.3 million) in the period, down 51% from €12.8 million in the first quarter last year. Sales were €249.2 million ($327.8 million), down 6%.

Commenting on first-quarter results in North America, CSM said its H.C. Brill business "exceeded expectations, profiting from increased efficiencies."

Overall, CSM EBITA was €20.1 million ($26.4 million) in the first quarter, down 38% from €32.5 million in the first quarter last year. Sales were €636.1 million ($835.7 million), up 3%.

"We do not see an improvement in the economic climate yet, but we do expect our measures to have an increasing effect through the second quarter, bringing EBITA of the second quarter closer to that of last year’s second quarter," said Gerard Hoetmer, chief executive officer."

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