Fruit group Fyffes saw its share price plunge up to 12% today after it warned that its 2007 earnings are likely to be lower than it expected, blaming an increase in fuel prices and higher than anticipated losses at its Brazilian joint venture Nolem.
In a statement, the company said it was reducing its target for earnings before tax and interest to €15m from the previous €20m.
Fyffes also said European selling prices for bananas had not recovered as much as expected in recent months.
The company repeated, however, that it planned to double its business in five years through organic growth and further acquisitions.
Fyffes shares had dropped 11%, or 11 cent, to 86 cent in Dublin this evening.
