Scandi Standard has reported mixed results for the nine months

Scandi Standard has reported mixed results for the nine months

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.

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.

Net 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."