Finnish food group HKScan, which is in the middle of a restructuring programme, has reported lower first-quarter losses and improved underlying EBIT.
HKScan booked a net loss of EUR4.2m (US$5.5m) for the first quarter to the end of March, compared to EUR4.8m last year.
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On a reported basis, the meat products firm made an operating loss of EUR1.1m against EUR200,000 a year earlier.
However, the result included charges from the restructuring initiatives. Excluding those costs, EBIT was EUR2m.
Sales fell 0.9% to EUR590.8m amid higher revenues in Finland and the Baltics. Turnover in Sweden dropped after a “severe shortage” of beef raw material.
In Finland, where HKScan is looking to cut almost 300 jobs from a workforce of around 2,400, the company was hit by what it said was “illegal” strikes in the first quarter, which pushed its domestic operations into the red.
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By GlobalDataThe programme takes in HKScan’s operations in Finland, Sweden, Denmark and the Baltics. The company expects the initiatives, which include job cuts, to save it EUR20m a year.
Click here for the full statement.
Click here for our January interview with HKScan CEO Hannu Kottonen on the restructuring.
