Ketchup maker Heinz says third-quarter profits up 11 per cent

Ketchup maker Heinz says third-quarter profits up 11 per cent New York  - HJ Heinz Co, the world's biggest ketchup maker, posted higher-than-expected third-quarter profits Tuesday and said net income climbed 11 per cent to
242.3 million dollars from the previous year.

The Pittsburgh-based company said the growth was a result of higher pricing and increased sales of ketchup and its Classico pasta sauces, which also showed that consumers in recession-hit countries were eating at home more frequently.

Heinz, which sells Ore-Ida Steam n' Mash frozen potatoes and Bagel Bites, said it chose not to match its competitors' discounts in the frozen foods category. The price increase enabled it to counter the strengthened dollar's adverse impact on sales abroad, as well as an increase in the costs of packaging, tomatoes and potatoes.

"Heinz delivered solid third-quarter net income and strong cash flow in a challenging economic climate," Heinz CEO William R Johnson said in a statement.

The company said global ketchup sales rose by 9 per cent. (dpa)

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