Finnish food firm Apetit has issued a profit warning as sales and other financial metrics fell in the first nine months of the year.

The frozen vegetables and ready-meals maker said operating profit from continuing operations will be below last year’s EUR3.9m (US$4.5m), revising an estimate reiterated in August for an improvement over the previous 12 months. Apetit also supplies vegan pizza and burgers.

Helsinki-listed Apetit, which also has businesses in commodities, said in a statement: “Record-high freight costs and unfavourable sales commitments in relation to the grain harvest quality will weaken Grain Trade’s profit outlook for the last quarter of the year. The profit outlook for Oilseed Products for the last quarter of the year is weakened by exceptionally high raw material costs.”

Apetit also provided a trading update for the nine months ended in September. Year-to-date sales for its current fiscal year were down 4.7% at EUR211m. Operating profit declined 17.8% to EUR2.3m, while EBITDA dropped 4.3% to EUR7m.

In the company’s most recent third quarter, sales fell more sharply, down 10.5% at EUR64.5m. Operating profit decreased 4% to EUR2.6m and EBITDA declined 5% to EUR4.2m.

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By GlobalData