Kraft profit falls after gain a year earlier

Reuters

NEW YORK (Reuters) - Kraft Foods Inc <KFT.N> reported a sharply lower first-quarter profit on Thursday because of the absence of a gain that it posted a year earlier.

The maker of Cadbury chocolate, Oreo cookies and Philadelphia cream cheese said net income fell to $802 million, or 45 cents per share, from $1.88 billion, or $1.16 per share, a year earlier when profit was boosted by a gain on the sale of discontinued operations.

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Net revenue rose 11 percent to $12.6 billion, from $11.3 billion a year earlier.

(Reporting by Martinne Geller. Editing by Robert MacMillan)

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