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Hershey doubles profits in 3Q

17-Oct-2008

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American chocolate manufacturer Hershey has announced a near doubling of profits for the third quarter ending 28th September.

Its shares rose by $2.27 to $35.24, a growth of 6.9 per cent. However, this is still down 20.8 per cent from a year ago.

Analysts suggest that new premium chocolate products, January and August price increases and a 30 per cent increase in spending on marketing could be responsible for the jump in sales.

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