Swiss dairy group Emmi has booked an increase in first-half profits, boosted by a one-time gain and growth from its international business.

Net profit in the six months to the end of June climbed 55.4% to CHF54.7m (US$57.1m), the company reported today (30 August).

Emmi said the disposal of its former Butterzentrale site in Lucerne led to an extraordinary gain, resulting in an increase of CHF15.4m in net profit.

Operating profit increased by 11.4% to CHF39.3m, while net operating profit margin improved to 2.9% from 2.7% last year. Emmi said the increase was achieved as a result of improvements in the group’s international business.

The company saw sales increase 2.2% to CHF1.34bn, boosted by an 18.4% rise in international sales to CHF433.9m. Domestic sales, however, slid 4.1% to CHF905.3m.

For the full year, Emmi said it expects net sales to increase by around 6% to 8%, domestic sales to decline 3% and international sales to grow by around 30%. Adjusted EBIT is expected between CHF130m and CHF145m. 

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Kepler analyst Jon Cox described the results as “solid enough”, despite the “weakness” in Switzerland.

However, he added: “The guidance for the year might disappoint as some had hoped for a raise. The stock is inexpensive.”