Finnish food group HKScan today (27 February) posted fourth-quarter pre-tax profits of EUR5.9m (US$7.5m), down from EUR6.9m a year earlier.
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Net sales in the fourth quarter reached EUR592.3m compared to EUR552.2m in the previous year, rising 7.2%. Fourth-quarter EBIT stood at EUR15.3m, up by 32.5% from 2007.
Over the whole of 2008, HKScan’s net sales increased by 8.9% to EUR2.29bn. The largest increase in absolute terms was seen in the Finnish and Swedish markets while in relative terms, net sales grew the most in Poland.
Sweden saw a 50% increase, Finland 31.4%, the Baltics 7.1% and Poland 11.5%.
Full-year EBIT stood at EUR38.1m, down from EUR55.3m in the previous year.
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By GlobalDataCEO Matti Perkonoja said: “The modest EBIT figure is largely attributable to the narrowing in sales margins seen in 2008. The costs of primary meat production and manufacturing furthermore rose sharply during the year and could only be negotiated to sales prices at a lag extending until 2009 in respect of certain products.”
