Finnish food group HKScan today (4 May) sounded a profit warning after fierce competition in its domestic market hit quarterly earnings.
HKScan’s first-quarter profits dropped by almost a third as its business in Finland stumbled to an operating loss.
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The company booked group EBIT of EUR5.5m (US$7.2m) for the three months to the end of March – compared to EUR8.2m a year earlier.
HKScan reported an operating loss of EUR600,000 from its Finnish business due to price competition, particularly in poultry. In the first quarter of 2009, HKScan earned EBIT of EUR6.2m from its Finnish business.
“The company estimates that full-year EBIT exclusive of non-recurring items will not quite reach the level seen in 2009,” HKScan said.
In the first quarter of 2010, turnover dipped 1.7% to EUR483.6m.
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