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First quarter results from AAK |
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Friday, 21 May 2010 |
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21st May Swedish specialist oils company AarhusKarlshamn have announced healthy first quarter profits.
Operating profit at the firm reached SEK 178m (US$22.6m), up 13% from SEK 157m last year. Earnings per share was SEK 2.79 (1.59); including IAS adjustment for non-recurring items, earnings per share totalled SEK 3.10 (2.03). Positive cash flow from operating activities stood at SEK 315m, with net sales at SEK 3,510m.
AAK said that they expected speciality products to continue to increase in both the Food Ingredients and Chocolate and Confectionery Fats divisions. However, the company said general uncertainty existed in the industry over the impact of excess supply capacity and lower demand, which has surfaced as a consequence.
Despite such market uncertainties, AAK said they saw growth opportunities in all business areas. Organic growth for speciality products and acquisition plans were cited as strategies for moving forward. |