Lantmännen has reduced its fourth quarter losses, with signs, the company believes, that the economic cycle has started to improve.
The Swedish group reported a loss of MSEK 7 (US$0.9m) after net financial items and excluding items affecting comparability, compared with a loss of MSEK 100 in the fourth quarter of 2008.
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Lantmännen added that it had shown positive cash flow for the third quarter in a row. The results for this period also included MSEK 167 in structural costs.
“One positive feature is that the economic cycle seems to have bottomed out and we were able to see a cautious upturn at the end of 2009. Our results for the fourth quarter were in line with our plans,” said CEO and group president Per Strömberg.
The company’s food sector reported an operating profit of MSEK 157 up on the MSEK 100 last year.
However, Lantmännen saw a fall in annual profits for 2009 compared with the previous year. Profit amounted to MSEK 85 in 2009 after net financial items and adjusted for items affecting comparability, compared with MSEK 622 in 2008.
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By GlobalData“Although the Lantmännen Group reported a fall in profits compared with the previous year, we are cautiously optimistic that the economic situation is slowly starting to improve. The recovery may take longer for agriculture, but we still have a strong belief in our green industries,” said Strömberg.
