Swedish confectionery company Cloetta Fazer has reported first-quarter profit after net financial items of SEK98m (US$11.7m), up 5% year-on-year.

The company’s operating profit was SEK92m, compared to SEK91m in the year-ago period. Operating margin grew to 12.8% from 12.3%, while sales fell 3% to SEK719m, reported Dow Jones International News.

Cloetta Fazer has planned investments of SEK150m, including the construction of a new production line for wafer products in Ljungsbro, Sweden, and a new line for filled chocolates in Vantaa, Finland.