Business

Kraft Heinz losses widen after merger

packaged food Image copyright Getty Images

Kraft Heinz has reported wider losses in its first set of results as a single company.

The food giant reported a net loss of $303m (£199m) in the third quarter of 2015, having made losses between the businesses of $8m the previous year.

Kraft and Heinz merged in July and have since announced a number of cost-cutting measures including job cuts.

On Wednesday, the company announced it would cut an additional 2,600 jobs and close seven factories in North America.

It was part of plans to save $1.5bn in annual costs by the end of 2017.

The company's shares were unchanged in after-hours trading on Thursday.

Pro forma sales in the US, which compares sales of the merged group with those of the individual companies last year, were down due to falling sales of drinks such as Capri Sun and ready meals.

Despite the loss, Kraft Heinz announced it was raising its dividend by 4.5% to 57 cents per share.

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