EAC’s revenue increased 18 per cent
25-02-2010
12:07
The East Asiatic Company, EAC, announces a strong improvement of the revenue, although the net profit declines by 25 per cent.
The consolidated revenue for the year 2009 reached DKK 6.2 billion which is an increase of 18 per cent. The operating profit (EBIT) reached DKK 657 million, an increase of 4 per cent. Totally the net profit amounted to DKK 376 million, a decrease of 25 per cent.
»The EAC businesses were in various ways negatively affected by the global economic downturn in 2009. In aggregate, however, the 2009 results exceeded our expectations, and the capability of each of the businesses to adapt to the rapidly changing circumstances was very satisfactory«, President and CEO Niels Henrik Jensen wrote.
The EAC group and EAC Foods generate a large part of the revenue in Venezuela where Hugo Chavez is the president of the country. EAC wrote in the financial statement that at the beginning of 2010 the Venezuelan government introduced a new multi-tiered currency system combined with a substantial devaluation.
»Both the macroeconomic and political situation in Venezuela is very uncertain and there is a risk of big changes which could affect our expectations considerably,« EAC wrote.
»Naturally, we follow the currency situation in Venezuela closely, not least with regard to the outstanding dividend payment. We must acknowledge that the timing of this payment remains uncertain, but we do expect that the dividend payment will take place at the most favourable exchange rate under the new multi-tiered currency system,« EAC wrote.
In the long term the devaluation will undoubtedly help strengthen the Venezuelan economy and hence also benefit EAC Foods.
»In the shorter term, however, the resulting cost increases in combination with rapidly increasing salary costs will present us with a very challenging 2010. Our ability to pass on cost increases to selling prices, and the pace at which we can implement the planned capacity
The consolidated revenue for the year 2009 reached DKK 6.2 billion which is an increase of 18 per cent. The operating profit (EBIT) reached DKK 657 million, an increase of 4 per cent. Totally the net profit amounted to DKK 376 million, a decrease of 25 per cent.
»The EAC businesses were in various ways negatively affected by the global economic downturn in 2009. In aggregate, however, the 2009 results exceeded our expectations, and the capability of each of the businesses to adapt to the rapidly changing circumstances was very satisfactory«, President and CEO Niels Henrik Jensen wrote.
The EAC group and EAC Foods generate a large part of the revenue in Venezuela where Hugo Chavez is the president of the country. EAC wrote in the financial statement that at the beginning of 2010 the Venezuelan government introduced a new multi-tiered currency system combined with a substantial devaluation.
»Both the macroeconomic and political situation in Venezuela is very uncertain and there is a risk of big changes which could affect our expectations considerably,« EAC wrote.
»Naturally, we follow the currency situation in Venezuela closely, not least with regard to the outstanding dividend payment. We must acknowledge that the timing of this payment remains uncertain, but we do expect that the dividend payment will take place at the most favourable exchange rate under the new multi-tiered currency system,« EAC wrote.
In the long term the devaluation will undoubtedly help strengthen the Venezuelan economy and hence also benefit EAC Foods.
»In the shorter term, however, the resulting cost increases in combination with rapidly increasing salary costs will present us with a very challenging 2010. Our ability to pass on cost increases to selling prices, and the pace at which we can implement the planned capacity
*****||*****EAC’s revenue increased 18 per cent*****||*****The East Asiatic Company, EAC, announces a strong improvement of the revenue, although the net profit declines by 25 per cent.
The consolidated revenue for the year 2009 reached DKK 6.2 billion which is an increase of 18 per cent. The operating profit (EBIT) reached DKK 657 million, an increase of 4 per cent. Totally the net profit amounted to DKK 376 million, a decrease of 25 per cent.
»The EAC businesses were in various ways negatively affected by the global economic downturn in 2009. In aggregate, however, the 2009 results exceeded our expectations, and the capability of each of the businesses to adapt to the rapidly changing circumstances was very satisfactory«, President and CEO Niels Henrik Jensen wrote.
The EAC group and EAC Foods generate a large part of the revenue in Venezuela where Hugo Chavez is the president of the country. EAC wrote in the financial statement that at the beginning of 2010 the Venezuelan government introduced a new multi-tiered currency system combined with a substantial devaluation.
»Both the macroeconomic and political situation in Venezuela is very uncertain and there is a risk of big changes which could affect our expectations considerably,« EAC wrote.
»Naturally, we follow the currency situation in Venezuela closely, not least with regard to the outstanding dividend payment. We must acknowledge that the timing of this payment remains uncertain, but we do expect that the dividend payment will take place at the most favourable exchange rate under the new multi-tiered currency system,« EAC wrote.*****||*****
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