Finland’s Raisio’s announced today (12 February) that its operating profit almost doubled as the company posted its full-year trading update.
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The group’s operating profit reached EUR28.3m (US$36.3m) compared to EUR10.6m in the previous year. The result is excluding one-off items totalling EUR24.1m and represents 4.8% of net sales.
For the 2008 period, Raisio’s net sales increased by almost 20% to reach EUR504m.
Matti Rihko, CEO of Raisio said: “The improvement in Raisio’s profitability was a great achievement under difficult circumstances. Raisio succeeded in reaching its goals to enhance operations and improve profitability positively and quickly, in view of the challenging and continuously changing operating environment.”
Raisio also announced the appoint of its director of grain trade operations, Pasi Lähdetie, to the position of vice president and member of the group’s management team as of 1 March.
The company said it expects cash flow from operations in the review period to be “clearly positive” but below the 2008 level.
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