Finnish food group Lännen Tehtaat has sounded a profit warning for 2008 thanks to a downturn in its fish products and vegetable oil divisions.
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The company said operating profit from continuing operations excluding non-recurring items would “at best” be level with last year.
The company said sales of fish products in Finland had missed their targets, while the business’ profits in Sweden and Norway have been hit by higher raw material prices. The division is expected to make a loss, Lännen Tehtaat said.
The firm’s vegetable oils business is also expected to turn in a loss due to problems with a key customer.
Lännen Tehtaat, however, said the company’s overall profit would be up on 2007 thanks, in part, to the disposal of its jams business and a minority stake in feed company Suomen Rehu.
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By GlobalData
