Danish-Swedish dairy giant Arla Foods has reported consolidated profits of DKr1.094bn (US$176.5m) for the year to 30 September, compared to DKr1.085bn in the previous year.

"Despite the slowdown in the international economy and declining exchange rates, we achieved a satisfactory result," said Arla Foods' managing director Jens Bigum. "The strategy aimed at further dairy product processing has once again proved its worth."

Arla Foods was established in 2000 through the merger of Denmark's MD Foods and Sweden's Arla.

The company announced in June that Jens Bigum is to retire on 31 December. Bigum will be succeeded by Arla Foods deputy managing director Ake Modig.