Germany-based confectioner Halloren has booked a fall in half-year operating profit despite rising sales.
Halloren posted sales of EUR41.9m (US$46.7m) compared to EUR41m for the same period in 2015. Total operating revenue was up nearly 7% to EUR50.8m for the first half of this year versus EUR47.5m.
However, EBIT for the first half of this year was down 3.1% at EUR4.7m.
Halloren said the results were in line with expectations. The company said: “For the full year, the board of management is sticking to its medium to long-term strategic performance targets. Despite volatile commodity markets and high pressure on margins, management continues to believe in the company’s ability to return to delivering adequate profit before special items.”
Halloren generated net sales of EUR122.4m in 2015, up from EUR121.7m in 2014. Consolidated EBITDA rose 6.3% to EUR5.6m, with Halloren pointing to the performance of its export division. Halloren generates half its sales outside Germany.