Finland’s Raisio doubled its operating profit for the third quarter as a result of the company’s “strong brands” and “reasonable” prices.
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For the three months to the end of September, operating income reached EUR7.6m (US$9.7m) from EUR3.7m in the previous year, accounting for 5.6% of net sales.
The Benecol maker’s third-quarter net sales increased by 22.5% year-on-year to reach EUR134.5m.
“Our actions have been successful, leading to improvements under difficult conditions,” said CEO Matti Rihko. “In economical turmoil food is a defensive business. Sense of community and safety are emphasised in difficult times. Strong brands are a safe choice, because they offer consumers good quality at a reasonable price.”
Raisio said its forecast of the group’s outlook for 2008 remains unchanged with net sales expected to increase, and the operating result from continuing operations in 2008 expected to improve from the previous year.
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