HK Ruokatalo said today (7 August) that rising profits from its overseas businesses in the Baltic countries have driven second quarter earnings, with operating profit increasing by 11%.
The Finnish meat processor failed to hit targets in its home market, but exceeded expectations in the Baltics and was on-track in Poland.
Overseas businesses accounted for 60% of profits, which rose to EUR7m (US$9m) from EUR6.3m reported for the second quarter of last year. The company’s second quarter revenues rose 5.4% to EUR239.4m.
In the statement, HK Ruokatalo said that its restructuring programme, which aims to achieve between EUR15m and EUR20m annually, is on track, but noted that strikes at its Forssa plant in Finland and other one-off charges cost EUR1.4m in the quarter.