FINLAND: Pork woes continue for HKScan
HKScan posted a fall in EBIT, but remain confident as pork problems begin to alleviate
Finland-based meat processor HKScan has posted a fall in in EBIT in its third-quarter, despite an easing in European pork problems.
Net sales rose to EUR618m (US848.5m) for the three months to the end of September, compared to EUR532.4m for the same period last year, while net sales were EUR1.84bn for the nine months, up from 1.51bn in 2010.
However, EBIT in the quarter dropped to EUR14m from EUR18.8m, while the nine month EBIT fell to EUR32m from EUR48m.
CEO Matti Perkonoja said: "HKScan's third quarter in 2011 went as planned and the group's profitability strengthened after a difficult start to the year.
"In spite of the uncertainties relating to trends in the global economy in the near future, consumer demand for the company's products has remained stable.
He added that problems surrounding pork both globally and in Europe had started to dissipate.
"By far the most challenging part of HKScan's operations is control of the pork-based business, especially in the group's main market areas", he said.
"Hardest hit during the past year by the challenges of overproduction in Europe and low price levels in international export markets has been production within the sphere of international competition.
"Recovery of the pork export market in the Far East during the autumn and the positive development in profitability it achieved will be reflected in HKScan's performance in the next few months."
Finnish meat firm HKScan has forecast higher profits in 2012 after a year when lower earnings and losses in Denmark weighed on its results....
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