SWITZ: Emmi H1 profits climb
- Net profit climbs 55.4%
- Operating profit up 11.4%
- Net sales grow 2.2%
Emmi said the disposal of its former Butterzentrale site in Lucerne led to an extraordinary gain
Swiss dairy group Emmi has booked an increase in first-half profits, boosted by a one-time gain and growth from its international business.
Net profit in the six months to the end of June climbed 55.4% to CHF54.7m (US$57.1m), the company reported today (30 August).
Emmi said the disposal of its former Butterzentrale site in Lucerne led to an extraordinary gain, resulting in an increase of CHF15.4m in net profit.
Operating profit increased by 11.4% to CHF39.3m, while net operating profit margin improved to 2.9% from 2.7% last year. Emmi said the increase was achieved as a result of improvements in the group's international business.
The company saw sales increase 2.2% to CHF1.34bn, boosted by an 18.4% rise in international sales to CHF433.9m. Domestic sales, however, slid 4.1% to CHF905.3m.
For the full year, Emmi said it expects net sales to increase by around 6% to 8%, domestic sales to decline 3% and international sales to grow by around 30%. Adjusted EBIT is expected between CHF130m and CHF145m.
Kepler analyst Jon Cox described the results as "solid enough", despite the "weakness" in Switzerland.
However, he added: "The guidance for the year might disappoint as some had hoped for a raise. The stock is inexpensive."
Emmi has continued to see its share price rise after another acquisition deal to improve the Swiss dairy giant's presence in key international markets....
Acquisitions abroad boosted annual sales at Swiss dairy group Emmi in 2012, figures releases today (7 February) showed....
A swathe of results released by UK retail powerhouses dominated the headlines on just-food this week....
Emmi has told just-food that it is not currently planning to take full ownership of AVH Dairy Trade, following news that it has acquired a 70% stake in the Netherlands-based dairy firm....
Swiss dairy group Emmi has acquired a 70% stake in AVH Dairy Trade, the Netherlands-based producer of goat's and sheep's milk products, for an undisclosed fee....
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