Kraft Foods profit up in second quarter

Kraft Foods Inc's second-quarter profit has jumped more than five per cent despite a drop in sales, as higher prices helped offset rising raw material costs and unfavourable currency exchange rates.

The food maker reported that it earned $US1.03 billion ($A988 million), or 58 cents per share, for the quarter.

That's up from $US976 million, or 55 cents per share, last year.

Adjusting for one-time items, Kraft earned 68 cents per share versus 62 cents. That topped the 66 cents a share expected by Wall Street.

Revenue fell four per cent to $US13.29 billion, below expectations.

Kraft said it is standing by its previously issued forecast for its yearly profit.

The company is splitting its business into an international snacks business and North American grocery business. It expects to complete the spinoff on October 1.

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