Kraft Foods reported its second-quarter profits rose nearly 4%.The consumer food maker said this week that its profit rose to $732 million, or 48 cents per share, from $707 million, or 44 cents per share, a year earlier.
And Net revenues increased 21.4% to a healthy $11.2 billion.
It's amazing what raising food prices will do to revenue and profits.
What's even more amazing is that Kraft and the Grocery Manufacturers Association have been such critics of biofuels, blaming them primarily for food price increases.
But who's to blame for even higher profits?
Source: Kraft Foods
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Food Before Profit
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