Swedish vegetable fat manufacturer AarhusKarlshamn (AAK) has booked a rise in third-quarter profits on the back of higher raw material prices.
The company today (7 November) reported a 6% increase in operating profit for the third-quarter, reaching SEK246m (US$37.2m). Net sales jumped 18% to SEK4.46bn for the three month period. AAK said this was mainly due to increased raw material prices and a better product mix, partly offset by the negative impact of foreign exchange rates.
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Net result was SEK142m, up 17% on the same period last year. However, EPS reached SEK3.28 for the quarter, down 7%.
For the nine month period, the food ingredients maker posted operating profit of SEK646m, up 13% on the same period last year. Net sales jumped 12% to reach SEK12.21bn.
Net results surged 32% to reach SEK407m for the nine months. EPS was SEK9.90, up 8% on the same period last year.
AAK CEO and president Arne Frank said the effects on the industry from the general economy in Europe are “difficult to predict” but remains “prudently optimistic for the future”.
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By GlobalData
