Swedish vegetable oil producer AarhusKarlshamn (AAK) reported a drop in full-year profits and sales today (18 February) but said its balance sheet provides the foundation for “continued development”.
For the 12 months to the end of December, operating profit reached SEK827m (US$114.6m), down from SEK851m in 2008.
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Earnings per share amounted to SEK10.14, compared to SEK10.80 in the prior year.
Net sales were also down, dropping to SEK15.88bn from SEK17.21bn in the comparable period of 2008.
CEO Jerker Hartwall said: “Record operating profit was achieved in the fourth quarter for the group, food ingredients and technical products and feed. Chocolate and confectionery fats saw further improvements since the third quarter.”
He added: “Operating profit and cash flow developed strongly despite the recession. Net debt decreased by about SEK2bn. The strengthened balance sheet provides the foundation for continued development and acceleration of the specialisation strategy.”
For the fourth quarter, operating profit increased 36% to reach SEK289m, while EPS dropped to SEK3.85 from SEK4.54 in the 2008 comparable period.
The firm also announced the appointment of Arne Frank as president and CEO of AAK, with effect from 6 April.
