Swedish confectioner Cloetta has posted a rise in first-half comparable earnings on the back of improved sales.
Excluding the impact of last year’s demerger between Cloetta and Fazer, sales of Cloetta products increased by 7%. However, total sales fell to SEK581m (US$80.7m) in the first half, down from SEK735m, reflecting the discontinuation of Fazer products.
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Excluding items affecting comparability, operating profit for the six months to the end of February rose to SEK37m from SEK25m, the company added.
Operating margin was 6.4%, up from 4.1% last year.
“The improvement in earnings is attributable to continued high efficiency in production and strong Christmas sales also in our first quarter,” Cloetta MD and CEO Curt Petri said.
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