Scandi Standard, the Swedish poultry business, has reported mixed results for the first nine months of the year.
Underlying profits rose to SEK139.1m (US$15.9m) from SEK97m after stripping out the effects of one-off items including refinancing, a tax effect on adjustments and costs associated with its IPO.
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On a reported basis, Scandi Standard’s net income jumped from SEK13.2m in the first nine months of 2014 – when its figures included more one-off costs – to SEK135.8m.
Reported operating income rose 28% to SEK211.8m. However, on an adjusted basis, operating income fell 2% to SEK216.3m. Lower profitability in Norway weighed on Scandi Standard’s group underlying operating income.
Sales inched up 1% to SEK4bn.
Scandi Standard saw better trends in sales and adjusted operating income in the third quarter.
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By GlobalDataNet sales rose 3% to SEK1.4bn. In Swedish krona, sales in Sweden and Denmark rose but fell in Norway. In local currencies, sales dropped in Denmark but increased in Norway.
Adjusted operating income increased 8% to SEK71.7m. On a reported basis, operating income was up 24% to SEK71.4m.
Adjusted net income increased 24% to SEK48.7m. Reported net income was up 50% at SEK48.5m
Net sales for the quarter rose 3% to SEK1.4bn.
MD and CEO Leif Bergvall Hansen said: “Trends in sales and income for the Group were positive in the quarter. The adjusted operating margin improved from the previous year. I am pleased to see that our efforts in product development and to increase efficiency in production are paying off and contributing to income.”
