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Food firm CSM cuts 500 jobs as high costs hit profits
October 27, 2011 / 5:20 AM / in 6 years

Food firm CSM cuts 500 jobs as high costs hit profits

AMSTERDAM, Oct 27 (Reuters) - Dutch group CSM CSMNc.AS, the world’s largest bakery products supplier, on Thursday said it would cut 500 jobs as high raw material costs hit third-quarter profit, and warned it did not expect any improvement in the rest of this year.

CSM reported third-quarter earnings before interest, tax and amortisation (EBITA) of 30.3 million euros.

Analysts had forecast EBITA of 30.1 million euros after CSM issued a profit warning earlier this month and said it planned to restructure its business. (Reporting By Sara Webb)

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