Swiss bakery group Hiestand has revealed that consolidated net profits for the first half of the year have risen by 15.6% from the comparable year-ago period to CHF14.1m (US$11.48m) on the back of sales growth of 9.9% to CHF236m and a rise in net profit margin from 5.7% to 6%.
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The company said that both the European and Asian segments contributed to growth. Earnings in the Europe region increased by 10.9%, while the operating margin widened from 12.5% to 13%. Adjusted for the sale of activities in Singapore, the Asia region lifted its earnings by 16.3% while operating margin remained steady at 6.5%.
“In the light of these excellent first-half results, the board of directors and group executive committee are confident that the targets for the year – of 8-10% sales growth, an EBIT margin of over 10% and a net profit margin of over 6% – will be achieved,” the company reported.
Hiestandm produces and distributes pre-baked, deep-frozen croissants, baguettes, bread and rolls.
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