Savencia attributed the drop to a negative foreign exchange impact of 2.7% offset by 2.2% of organic growth. It blamed exchange rate issues with the Chinese yuan, sterling and South American currencies.
The organic growth was supported by the Group’s markets outside France that continued to progress, thus largely offsetting the market contraction in France.
Cheese product net sales gained 1.5%, mainly due to international development outside Europe.
Other dairy product net sales gained 4.1%. The development of international sales exceeded the decline in the French market, which Savencia said was due to the weakness in world prices for industrial products.
The company did not release any data beyond net sales.