Finnish meat firm HKScan has reported widening half-year losses and reiterated its warning that annual EBIT will fall this year.
In the six months to the end of June, net losses amounted to EUR5.1m (US$6.3m) compared to a net loss of EUR1.7m last year. EBIT declined to EUR4.9m from EUR8m.
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The company said business in Sweden had continue to be “extremely challenging” in the period and the drop in group profits was a result of negative EBIT in the country.
Sales in Sweden dropped 0.3% to EUR513.9m. HKScan recorded an operating loss of EUR9.7m compared to EBIT of EUR4.3m last year.
Group sales, however, climbed 2% to EUR1.25bn.
HKScan said its 2012 outlook is unchanged due to the “weak development of business in Sweden”, reiterating its previous warning that group EBIT for 2012 will come out below its 2011 operating profit of EUR39.6m.
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