Swedish confectioner Cloetta said today (22 June) that improved efficiency helped boost earnings for the first nine months of its fiscal year.
For the period ended 31 May, earnings per share amounted to SEK1.14 (US$0.15) compared to SEK1.03 in the prior year, while operating profit reached SEK41m from SEK27m in 2009.
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Sales for the nine-month period were up by 9% to SEK848m.
In the third-quarter, sales of Cloetta’s products rose by 13%, while operating profit excluding items affecting comparability for the third quarter reached SEK4m from SEK2m in the prior year.
“It was a good third quarter in terms of sales thanks to several major new product launches,” said Cloetta’s managing director and CEO Curt Petri.
”As in earlier quarters, high efficiency in production has contributed to the improvement in earnings. However, the steadily rising price of cocoa is having a negative impact on our costs.”
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By GlobalDataClick here to view Cloetta’s full earnings release.
