Danish Crown said that it put in a “robust” full-year performance in the face of challenging market conditions, including the Russian import ban and its fallout.
The company said today (19 November) that profits in the 12 months remained relatively flat. Operating profit totalled DKK1.99bn (US$335.4m), compared to DKK2.01bn last year. Net profit edged up to DKK1.66bn, compared to DKK1.58, the meat cooperative revealed.
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Sales at the farmer-owned group were also relatively flat, slipping slightly to DKK58.03bn from DKK58.16bn.
Commenting on the result, management said the group was “satisfied” to have maintained profit and sales levels in a year of “significant” challenge. The company was hit by the pork export ban to Russia. The closure of the market also meant that pork prices in Europe dropped due to oversupply.
Danish Crown CEO Kjeld Johannesen said that the group was able to offset these difficulties by maintaining a tight focus on cost control and leveraging its international reach.
Click here to view the earnings update in Danish.
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