Vegetable fats specialist AarhusKarlshamm (AAK) has announced a rise in net sales to SEK4,462m in the third quarter of 2011, compared with SEK3,774m in the same period of 2010. Volume increased 5% due to increases in speciality volumes, including the impact of AAK’s acquisition of Golden Foods/Golden Brands. Meanwhile, commodity volumes were down.
The company’s operating profit totalled SEK246m, a 6% increase on the prior year period, but earnings per share were SEK3.48, a dip of 7% due to the impact of revaluing interest rate swap contract arranged to fix forward interest rates.
“The effects on our industry from the more difficult general economy in Europe are difficult to predict,” commented AAK president and ceo Arne Frank. “However, with the dramatic food price inflation in 2010, at least for now behind us, AAK’s customer value propositions for health and reduced costs and the AAK Acceleration programme, we remain prudently optimistic for the future.”
