Higher selling prices and greater banana volumes helped Fresh Del Monte Produce (NYSE: FDP) shake off its 2013 loss to record a net income of US$142.4 million for 2014.

Fresh Del Monte CEO Mohammad Abu-Ghazaleh

This compares to a result that was US$34.4 million in the red for the previous year.

CEO Mohammad Abu-Ghazaleh hailed the year as "outstanding" for the company, which notched 25% surge in gross profit to reach U$364.8 million.

"Our performance in 2014 was driven by increased sales in all of our business segments and geographic regions," the executive said.

"Throughout the year, we made tremendous progress towards our strategic objectives of expanding our distribution channels, moving into key markets worldwide, and introducing new products.

"Our steady focus on controlling costs and creating efficiencies also contributed to our results."

Abu-Gazaleh said Del Monte was poised to capitalize on the opportunities ahead in 2015.

"As always, we remain committed to growing the Company and delivering long-term profitable growth to our shareholders," he said.

The multinational was not able to pull itself into the black for the fourth quarter however, but it came very close with a net loss of US$400,000 compared to a loss of US$143.9 million for the same period in 2013.

The company said higher volume in all segments, coupled with increased selling prices in the company's banana and other fresh produce areas as well as favorable exchange rates, led to a US$243.8 million jump in net sales for the quarter.

www.freshfruitportal.com