SWEDEN: AAK full-year earnings rise despite soft sales
AAK CEO is prudently optimistic about 2014
Food ingredients group AAK has booked a jump in full-year profits, with improvements to its operating performance accelerating through the year.
The Swedish company said today (5 February) operating profit for 2013 was up 12% to SEK1.127m (US$173.3m). Net profit surged 14.5%, climbing to SEK741m.
During the fourth quarter, AAK said operating profit rose to a "record high" of SEK328m, up 21%.
The company also booked higher net sales in the final quarter of the year. Revenues were boosted by the acquisition of Unipro, Unilever's Turkish industrial bakery and oils business in June, as well as increased volumes. However, full-year sales were down 2% to SEK16.5bn as lower raw material prices and the negative impact of currency exchange weighed on the result.
CEO Arne Frank said he was "prudently optimistic about the future".
Shares in AAK closed down 0.87% this evening.
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