European meat group HKScan said that it made progress on its drive for profitable growth when it reported third-quarter operating profit “on a par” with last year.
While year-to-date operating profit fell to EUR10.2m (US$11.2m) in the nine months to end-September, down from EUR48.3m last year, the company stressed that the third quarter result has stabilised. Third quarter EBIT stood at EUR7.3m, unchanged from the year-ago period. Excluding one-off items, nine month EBIT was EUR10.2m versus a loss of EUR1m last year.
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“Implementation of the Group’s strategy for profitable growth advanced,” CEO Hannu Kottonen stressed. Improvements in adjusted profits were made in spite of a challenging market environment, he continued.
“The operating environment remained challenging, and global economic and political uncertainties continued to plague the industry throughout the quarter. Price competition remained fierce especially in the food retail market in Finland. The Russian ban on meat import continued, and permits for direct pork meat imports to China did not materialize as anticipated. However, HKScan sales operations advanced in Hong Kong,” the chief executive explained.
Sales in the nine months fell to EUR1.41bn from EUR1.46bn.
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