KELLOGG, the international US based breakfast cereal group, said yesterday that its profits fell more than 30 per cent in the third quarter as a continuing price war in the US market reduced its overall sales.
The company, the world's biggest maker of ready to eat breakfast cereals, said its net income for the three months ended September 30th fell to $159.1 million (£100 million), or 75 cents a share, from $230 million, or $1.05 a share.
Kellogg said its overall sales slipped 9 per cent to $1.68 billion from $1.84 billion. The company said that excluding certain one time charges of $24.8 million, or 10 cents a share, its net income would have been $180.3 million, or 85 cents a share - right in line with analysts' projections.
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