Cloetta Fazer: a "good start" to the year 2007

Scandinavian confectionery group Cloetta Fazer has reported a 7% rise in first-quarter profits despite a dip in sales in its core markets, according to media reports. Cloetta Fazer, the leading chocolate producer in the Nordic region, said operating profit reached SEK79m (US$108m), up 6.7% from SEK74m a year earlier. Turnover inched up 1% to SEK740m.

CEO Jesper Åberg said the company had seen a "good start" to the year. "The improvement in operating profit for the first quarter mainly reflects growth outside the Nordic region," he said. Åberg said sales had grown in the Baltic states. During the quarter, Cloetta Fazer became the number two confectionery group in Estonia. Sales in Sweden, however, fell 1% during the first quarter, while sales in Norway were also down.