ECONOMY

Jump in milk price drives FAGE H1 loss despite rise in sales

The FAGE dairy company reported on Tuesday a 2013 first-half loss of $4.3 million, mainly due to a rise in the price of milk in Europe and the US. It had reported a profit of $17.6 million for the same period last year.

Sales rose 2.2 percent to $277.3, mainly due to increases in the US and Italy, by 7.1 percent and 36.9 percent respectively. Sales in Greece and the UK fell 9 percent and 2.2 percent respectively.

Foreign sales now account for 71.9 percent of the total. Milk producers’ prices over the first half of 2013 rose 17.5 percent in the US and 35.2 percent in Europe but fell 1.4 percent in Greece.

The company is in litigation with one of its main rivals, Chobani, in the UK and an appeal by the latter against a ruling vindicating FAGE is to be heard in December.