Scandi Standard, the Nordic food maker, booked lower earnings in 2014 as higher sales in Denmark were offset by lower sales in Norway.
Adjusted operating income, stripping out one-off items, fell to SEK301m (US$35.9m), down from SEK317.2m last year. Operating margin fell to 5.7% from 6.1%.
Net income rose to SEK189.8m from SEK166.3m on lower finance costs, the group revealed.
Net sales were up 1% to SEK5.27bn.