A slow first six months in 2005 for French-based Bongrain SA has seen operating income down 20% and earnings after tax slumping by 55% compared with the same period of the previous year.

Pointing the way to some serious cost increases this year so far is the overall sales turnover that was actually up (+ 0.9%) on the year at Eu1,622 m.
Still, Bongrain blames the slashing of EU dairy export refunds as the main reason for dwindling profits along with