Finnish agri-food company Raisio this week reported its heights ever EBIT in the third quarter, up 8% on the same period last year. However, sales for the company in the last quarter dropped 7%.
CEO Matti Rihko said that the €12 million EBIT for the group during the latest quarter was mainly down to a decision by the company to cut some 'less interesting' businesses from its portfolio earlier this year.
These businesses included Nordic Milkfreedom and Soygurt brands, as well as the licences to the brands of Carlshamn Mejeri, Sunnutai and Nalle non-dairy products to Norway's Kavali for €330 million.
Collectively, these businesses earned Raisio €7 million a year.
Referring to the record level profit, Rihiko said: "I am very pleased with that, especially remembering that the economy is difficult. And it wasn't a perfect or brilliant result, which means we have a lot of room for improvement."
The company, which now aims to improve its UK breakfast and snacks operations, reported sales of €149.5 million the the third quarter, down from €161 million in the year previous. It's projections for the year remain unchanged.
© 2013 - European Supermarket Magazine by Enda Dowling
