A rise in profit during the last three months of 2007 was not enough to prevent a fall in annual earnings at Nordic confectioner Cloetta Fazer.
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The company saw underlying operating profits rise 15% to SEK156m (US$24m) during the fourth quarter of last year.
However, a sharp rise in commodity costs weighed on the group’s full-year earnings. Underlying operating profit for the year stood at SEK335m, a fall of 5.1%.
On a brighter note, the company’s sales rose 6% in 2007, climbing to SEK3.3bn.
Cloetta Fazer saw sales rise across its key markets during the fourth quarter of the year, a trend that gave chief executive Jesper Åberg cause for optimism.
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By GlobalData“Although the increase primarily in the Baltic countries and Russia has taken place from a low level, these are markets with enormous potential,” Åberg said.
“Our recently completed acquisitions of Karamellpojkarna and Fennobon are also important steps towards the realisation of our growth target.”
