Finnish food maker Apetit said that it “cannot be satisfied” with the performance of its fresh and fish businesses but stressed it has seen a pick-up in the performance of its frozen products.
The company reported a full-year operating loss of EUR5.9m (US$6.7m), down from an operating income of EUR9.4m in the prior year. Earnings fell to a loss of EUR1.29 per share, down from a gain of EUR1.63 in 2013. Profitability was hit by one-time charges associated with restructuring initiatives, as well as lower earnings at the fresh products group and the Finnish and Swedish operations of its fish business.
CEO Veijo Meriläinen said: “The profitability figures for the period take account of successes and also areas in which we were unsuccessful. We were especially successful in the grains and oilseeds business, where we managed to increase volumes cost effectively and thus boost profitability, on both the grain markets and in oilseed products. The food business picked up thanks to the good profitability of the frozen foods group following the segment’s lacklustre earnings trend in the early months of the year, but we cannot be satisfied with the profitability of the fresh products group and the Finnish and Swedish operations of the fish products group.”