FINLAND: HKScan returns to black, reaffirms guidance
HKScan returned to a profit in the first nine months of the year
Finnish food group HKScan has moved to a profit in the first nine months of the year and reiterated its full-year earnings outlook.
In the period to the end of September, HKScan earned EUR1.1m (US$1.5m). This compared to a loss of EUR1.2m in the prior year period.
EBIT fell to EUR15.3m from EUR21.2m last year. The company said the business environment remained "unfavourable" in the period and demand and consumers' purchasing power were still somewhat low and the price competition "tough".
Net sales remained flat at EUR1.84bn. Revenues were primarily affected especially by lower volumes and sales prices of seasonal products. In other products the sales volume was kept and increased, but due to the tough price competition in both domestic and export markets the average sales price development was modest, HKScan said.
The company reiterated its full-year outlook - that comparable EBIT for 2013, excluding non-recurring items, will fall short of 2012.
Click here to view the full earnings release.
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