Kraft Foods reported a quarterly profit growth of 44.5 per cent amounting to $682 million, compared with $472 million it posted last year. Kraft attributed the profit rise to lower restructuring costs and higher sales. Second quarter revenue went up by 3.4 per cent to $8.62 billion boosted by upbeat sales in Eastern Europe and the Americas.

A strong dollar and divestitures, however, dampened revenue growth which posted a 2.1 per cent rise for the first six months. Kraft has initiated a recovery programme by selling and buying business, closing inefficient plants and reducing its work force. The recently installed CEO Irene Rosenfeld said the company needs to do more to fully bring Kraft back on the tracks. “There's more to be done,” Rosenfeld told analysts. “There's no question in my mind that Kraft has great brands and talented people, but we need to get it growing faster.”