Foreign exchange has hit third-quarter results at Swedish food group AAK, the company revealed today (2 November).
Operating profit reached SEK231m (US$34.8m) for the third quarter ended 30 September, against SEK235m in the same period last year.
However, adjusted for divestments and at fixed exchange rates, operating profit rose to SEK236m against SEK231m in the same period of last year.
Net sales reached SEK3.7bn a fall on the SEK3.8bn reported last year, however the decrease was due to a negative currency translation of SEK104m.
AAK said its food ingredients division “successfully continued the execution of the specialisation strategy, with a more profitable product mix”, with operating profit in the division growing 15%.
CEO Arne Frank said: “Food ingredients continued to develop very well. Chocolate and confectionery fats showed strong seasonal volume improvements and nearly doubled operating profit compared to the second quarter 2010. Margins stabilised at a lower level, as communicated earlier in 2010.”