After two years of losses amounting to more than SKr700m, Swedish meat and poultry group Spira dramatically reduced losses in 2000 and reported a loss after net financial items of SKr12m, compared with losses of SKr225m in 1999. The most dramatic turnaround had occured in the group’s Kronfågel and Danpo poultry operations.

In a cautionary note, the company admitted that profits had been inflated by a one-time income of SKr160m from sales of intangible assets and one-time pension repayments. Group sales slipped 8% to SKr4.2bn last year.

By correspondent based in Scandinavia