Sweden’s AarhusKarlshamn (AAK) posted a drop in operating profit for the first nine months of the year.
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Operating profit dropped to SEK538m (US$77m) from SEK639m in the prior year.
Net sales also dropped, reaching SEK12.09bn from SEK12.44bn in the comparable nine-month period of 2008.
Strong cash flow from operating activities before investments amounted to SEK1.51bn from a loss of SEK362m in 2008.
For the third quarter, net sales dropped to SEK3.82bn from SEK4.69bn in 2008, while operating profit also saw a decrease, dropping to SEK235m from SEK261m in the prior year.
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By GlobalDataThe company’s chocolate and confectionery fats division continued to be negatively affected by lower chocolate consumption following the recession. However, the third quarter result confirmed chocolate seasonality improvements compared to second quarter.
AAK chief executive Jerker Hartwall said: “Record high positive cash flow in the third quarter materialised as expected and has further strengthened the balance sheet.”
