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Cloetta Reports Its Net Sales Increased 2011 Q3

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Core prompt: Swedish confectionery firm Cloetta has reported that its cby 3.1% to SEK1.15bn ($174m) for the third quarter ended 30 September 2012, compared to SEK1.12bn ($168.8m) fo

Swedish confectionery firm Cloetta has reported that its cby 3.1% to SEK1.15bn ($174m) for the third quarter ended 30 September 2012, compared to SEK1.12bn ($168.8m) for the same period in 2011.?

The company reported net income of SEK13m ($1.9m) for the period, compared to a loss of SEK13m ($1.9m) for the corresponding period in the prior year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 31.1% to SEK92m ($13.8m), compared to SEK133m ($19.97m) in 2011.

Cloetta CEO and president Bengt Baron said that the sales decreased in Italy during the quarter due to the economic challenges in the country.

Besides, sales for the period increased in Sweden, Finland and the UK, Baron said.

"Raw material costs remain at a historically high level and although individual raw materials' prices
fluctuate during an individual quarter, we have not seen a decrease in our total raw material costs," Baron added.

Earlier this year, Cloetta announced its plans to shut down two manufacturing facilities in Sweden and one in Finland, a move which would result in 345 job losses.

The company has ceased production at its facility in Alings?s, Sweden and is expected to leave the site by the end of this year. It began transferring production from the Aura plant and plans to shut down th other Swedish facility in G?vle by 2014.

Cloetta, founded in 1862, is a leading confectionary company in the Nordic region, the Netherlands, and Italy. It operates 12 production facilities in six countries.

 
 
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