Corus reports 73% decline in profit

Corus Group Plc disclosed a 73 percent decline in first-quarter profit as energy and raw material prices rose. Net income dropped from £166 million ($311 million) in the first quarter of 2005 to £45 million ($85 million) in the first quarter of 2006. Operating profit from continuing operations fell from £218 million ($409 million) to £176 million ($331 million). Corus expects further selling price increases of between 7-12 percent for the third quarter of 2006. Furthermore, the group's performance is expected to show positive momentum over the next six months.