Biscuit boostThis article was originally published in Foodnews
KRAFT Foods announced its third quarter 2008 results ended 30 September. Net revenues for the three months grew 19.4% to US$10.5 billion, helped by its acquisition of biscuit unit LU. Operating profit grew 17.1% from third quarter 2007 to US$1.0 billion. Earnings per share excluding items were similar to last year, as strong gains from continuing operations were offset by interest expense and lower earnings from discontinued operations. In addition, Kraft's commodity hedging activities negatively impacted on the third quarter by around US$180 million, the company said.