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.
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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.”
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