DENMARK: Danisco ups targets after Q3 results
By: just-food.com | 18 March 2010
Danish ingredients giant Danisco today (18 March) upped its sales and earnings targets after posting buoyant third-quarter numbers.
The company booked a jump in third-quarter profits thanks to rising earnings from the company's cultures and enablers divisions.
Danisco reported a 66% leap in underlying operating profit to DKK339m (US$62.1m) for the three months to the end of January.
Operating profit from Danisco's enablers business more than doubled to DKK189m, while earnings from the group's cultures division climbed by 80% to DKK90m.
Danisco booked a quarterly net loss of DKK354m, compared to a net loss of DKK698 in the third quarter of 2008/09.
Turnover, meanwhile, reached DKK3.3bn, a rise of 11% on an organic basis.
CEO Tom Knutzen said: "We continued to see a positive earnings momentum during the quarter and are encouraged by the results that we have achieved this financial year, including our ability to lift our earnings outlook once more."
Danisco's revenue outlook now stands at DKK13.4bn against a previous target of DKK13.25bn. The company's EBIT forecast after biochemical project (BCP) costs is DKK1.6bn compared to the group's former target of DKK1.45-1.5bn.
The group added that it also now expects a net profit for the 2009/10 year of around DKK300m, against a previous target of DKK200m.
Sectors: Commodities & ingredients
Companies: Danisco
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