SWEDEN: Sardus meat group full-year profit eases up
Tougher competition and a product mix more heavily focused on low-priced products were to blame for the poor full-year earnings increase posted by Swedish meat group Sardus. The group failed to meet its pre-tax earnings forecast of SKr96m, managing director Ragnar Bringert reported. Sardus increased its full-year pre-tax profit to SKr75m from SKr73m in 1999. Including a one-time pension repayment, the group boosted its pre-tax profit to SKr91m. Sardus improved operating profit before goodwill write-offs rose to from SKr97m in 1999 to SKr125m, but failed to improve the operating profit margin from 10.6%, as had been forecast.
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