Milk producer Emmi posts big profit increase
Revenues at Swiss dairy producer Emmi on Wednesday said profits rose more than 28 per cent to SFr75.3 million ($70.91 million) in 2009 on slightly lower sales.
Revenues fell last year to just over SFr 2.6 billion, the company said. Earnings before income and taxes were SFr109 million.
Emmi said net sales fell 4.9 per cent at home but increased 7.9 per cent in international markets.
Lucerne-based Emmi, which employs around 3,300 people in Europe and North America, said in a statement the improvement “can be attributed to a solid market performance and rigorous cost management”.
It is proposing a dividend of SFr3 per registered share.
The company, which produced 904 million litres of milk and cream last year, noted a drop in prices of raw materials amid an increase in supply.
Emmi expects volumes in Switzerland to decline one per cent this year and prices for raw materials to continue to fall. It expects growth of 2-3 per cent in international markets.
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