FINLAND: Meat firm HKScan expects profits to improve in 2012
Finnish meat firm HKScan has forecast higher profits in 2012 after a year when lower earnings and losses in Denmark weighed on its results.
HKScan, which supplies beef, pork and poultry to retailers and industry customers in northern Europe, said its EBIT would be "better" this year after a 17.5% fall in 2011.
In Sweden, HKScan's EBIT fell as it lapped a year when it benefited from one-off gains. Further south in Denmark, the company made an operating loss of EUR3.7m (US$4.9m) due to the combination of low sales prices for chicken leg quarters in the EU and the Middle East, as well as high raw material prices. Group EBIT reached EUR39.6m, compared to EUR48m in 2010.
However, the company's net sales increased 17.9% to EUR2.49bn after revenues rose across all its markets.
CEO Matti Perkonoja, who is due to leave the company next month, said its "market position" in "all the company's areas" was "strong".
HKScan's net profit for 2011 more than halved due to a rise in finance costs. It fell from EUR27.9m to EUR10.1m.
Sainsbury's chief executive Justin King this week welcomed moves from its UK retail rivals to invest in product quality and service after the retailer reported an increase in annual underlying profits...
Dubbed 'The Outperformer' by one set of City analysts, Sainsbury's announced annual profits that beat forecasts last week and the UK retailer remains confident in the face of increased competition. Th...
- Nestle catering for an ageing global population
- What post-Brexit trade with the EU could look like
- Unilever is "working harder" in tough environment
- What next for Nestle under new CEO Schneider?
- What delay means for UK child obesity strategy
- Kerry Foods sets its sights on C-sector
- Job cuts imminent as General Mills restructures
- Tesco drops John West products over sustainability
- Greencore pays GBP15m for Cranswick sandwich unit
- New Quaker Oats range targets wellness trend