HELSINKI (Thomson Financial) - Finland's Raisio PLC reported a doubling of
pretax earnings for the first quarter, aided by a return to profit at its food
division, and repeated its full-year guidance.
The company, which makes animal feed, margarine and malt for breweries,
posted a January to March pretax profit before one-time items of 4.2 million
euros, up from last year's 2.1 million euros.
Sales rose 23 percent to 118.9 million euros.
Raisio said its food division turned in a 0.6 million euros operating profit
for the period after successive quarterly losses. The division has trimmed its
product portfolio by a third to focus on its core products.
The company reiterated the unit is expected to be in the black for 2008, but
would "probably not" achieve its targeted 5 pct operating margin.
Full-year underlying earnings and sales are still predicted to rise for the
year.
james.etheridge@thomsonreuters.com
je/ak
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