FINLAND: Atria ends loss-making 2013 with Q4 profit rise
Finnish meat group Atria has reported a loss of EUR4m (US$5.5m) for 2013 but closed the year with a fourth-quarter profit increase amid lower costs.
Atria posted a loss of EUR4.3m for last year linked to costs associated with its withdrawal from Russia, which the company flagged when it reported its third-quarter numbers in November.
The company has stopped primary pork production in Russia and decided to discontinue industrial production in Moscow.
However, for the three months to the end of December, net profit was EUR9.2m, compared to profit of EUR5.2m a year earlier. EBIT was EUR10.6m, versus EUR7.8m in the fourth quarter of 2012.
The increase in quarterly earnings came despite sales remaining flat at EUR360.6m. Lower sales and marketing costs helped Atria's profitability.
Over 2013 as a whole, Atria generated EBIT of EUR19.7m, against EUR30.2m in 2012. Without one-off costs, EBIT was EUR37m, Atria said. Net sales were up 5% at EUR1.41bn.
In 2014, Atria expects EBIT without "non-recurring costs" and net sales to be higher than 2013.
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