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PinguinLutosa into the red

This article was originally published in Foodnews

FROZEN and chilled potato and vegetable specialist PinguinLutosa plunged deeper into the red in the first half of 2010. Europe's second biggest producer of frozen vegetables was not able to convert higher turnover into a positive result owing to enormous price pressure. However, the Belgian company does expect a turn in the trend in the near future. Turnover in January-June rose 4.5% to EUR224.7 million. PinguinLutosa called this a good achievement "in view of the competitive situation and the downward trend in sales." The group's losses in H1 2010, amounted to EUR5.67 million.

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