Dairy processor Emmi reported higher revenue in the first six of the year. The Lucerne group has put its profitability targets on a diet for the full year.
Half-year revenues exceeded 2 billion francs in the first half. In organic terms, growth reached 5.4% after 3.7% a year earlier. On the other hand, taking into account the effects of exchange rates, it remains in the negative at -0.6% against -0.7%, indicates Emmi Thursday in a press release.
Sales in Switzerland remained almost stable at 808 million, while they increased significantly in the Americas zone, approaching 800 million, after 670 million.
Emmi generated earnings before interest and tax (Ebit) which fell from 21 million francs to 108.6 million, for a corresponding margin reduced to 5.4% against 6.9% in the first six months of 2021. The group increased its prices, with a lag effect, but suffered from rising raw material, energy and logistics costs, as well as wages.
Half-year profit meanwhile fell by around 20% to 78.1 million.
If the turnover is doing better than expected, the other indicators are below the most pessimistic projections made by the AWP consensus analysts.
Emmi management is now aiming for an Ebit of between 265 and 280 million francs for 2022, against 290 to 305 million previously and a profit margin of 4.5 to 5.0% after 5.0 to 5.5%. On the other hand, it raises its growth forecast to 5-6% (2.5-3.5%).
This article has been published automatically. Source: ats/awp