Dairy producer Arla Foods’ profit rose DK424m (US$73.1m) during the first half of 2010 to DKK697m due to increased prices globally, rising foreign exchange rates and strict cost controls.
Turnover at the manufacturer of the Cravendale, Castello and Anchor brands reached DK23.8bn against DKK22.3bn in the same period of last year.
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“Arla Foods has had a good half-year during which we increased the milk price paid to our owners three times,” said Arla Foods’ CFO Frederik Lotz. “Last year’s extensive savings campaign trimmed the group’s costs and we’ve succeeded in maintaining the low cost levels achieved by the savings campaign in 2009. The accounts demonstrate that we have a sound platform for growth.”
However, the company said the next six months would be challenging. “The first half of the year was characterised by higher prices in international commodity markets where Arla sells butter, cheese and powder to industrial consumers. However, it is not anticipated that these high prices will continue for the remainder of the year,” the company said.
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