SWEDEN: Insurance claim boosts AAK profit

By: just-food.com | 19 February 2009

Sweden's AarhusKarlshamn (AAK), the food ingredients group, has posted a 30% increase in full-year operating profit boosted by an insurance claim in the first quarter.

AAK booked an operating profit of SEK851m (US$99m), up from SEK653 in the previous year. The figure included insurance compensation of SEK304m from December 2007.

Net sales for the period were up 32% to SEK17.2bn.

Earnings per share reached SEK10.8m from SEK8.53m in the previous year.

"Increased volumes and margins for chocolate and confectionery fats and food ingredients, and positive developments in the most recent acquisitions within Food ingredients are the main contributors to this improvement," CEO Jerker Hartwall said.

Operating profit in the fourth quarter was up 19% to SEK212m, while net sales were up 28% to SEK4.8bn.

Sectors: Commodities & ingredients

Companies: AarhusKarlshamn