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Kraft Foods Q1 profit falls 16% to US$429m

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Heinz will combine with Kraft to create the third-largest North American food company, the companies said in late March.

London

KRAFT Foods Group Inc, which is merging with ketchup maker HJ Heinz Co, on Tuesday reported profit that topped analyst estimates, driven by reduced advertising spending and overhead.

But the company missed revenue expectations amid sluggish demand for its meals and desserts