FINLAND: Cost focus boosts Fazer profits as sales slide
By: just-food.com | 25 March 2010
- Underlying profits rise 2%
- Organic sales down almost 9%
- Forex and Cloetta demerger hits top line
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Revenues fell almost 9% |
Finland-based baker and confectioner Fazer Group booked a 2% rise in annual profits despite foreign exchange and the demerger from Cloetta weighing on sales.
Fazer, which sells bakery and confectionery products across the Nordic region, the Baltic states and Russia, posted underlying operating profit of EUR45.5m (US$60.6m) for 2009 - up from EUR44.6m a year earlier.
On a reported basis, operating profit stood at EUR135m in 2008 but Fazer said that figure was boosted by a gain of EUR90.3m from the sale of a confectionery business.
Reported turnover in 2008 was EUR1.16bn and rose to EUR1.44bn in 2009 but Fazer admitted that, on a comparable basis, revenues fell 8.8% thanks in the main to currency fluctuations.
However, turnover was also hit by weakness in Fazer's foodservice division and the group's demerger with Swedish confectioner Cloetta, which affected the group's sales in Sweden.
Click here for the full release from Fazer and click here for just-food's post-results interview with Fazer CEO Karsten Slotte.
Sectors: Bakery, Confectionery, Emerging markets
Companies: Fazer Group
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