Latest Financials: Kraft and General Motors

17 October 2003

Kraft Foods has reported a 6.8% drop in third-quarter profit to $810 million (€695m: £483m), despite a 3.7% sales rise to $7.48 billion. Volume dipped 0.2%.

The group blamed weakness at its cookie unit and a hike in its marketing budget. Kraft is eager to lure consumers away from the discount private-label brands that have eaten into its bottom line.

• Third-quarter profits at General Motors finished above expectations at $425m

This compares with a net loss of $804m in Q3 last year, when it suffered a huge writedown on its stake in Fiat SpA. Excluding this one-off charge, profits rose 31%.

However, this increase was attributable to GM's finance arm. Income at its auto operations tumbled from $533m to $128m, though North American market share edged up from 28% to 28.7%.

Data sourced from: multiple sources; additional content by WARC staff