FINLAND: Atria issues another profit warning
Finnish food group Atria has issued its second profit warning in four months, pointing to an over-supply of pork and "tougher" competition.
Atria today (14 April) lowered its forecast for full-year EBIT after saying first-quarter earnings were "not as expected".
The company said its 2014 EBIT without non-recurring items would fall "clearly short" of over EUR37m (US$51.1m).
Atria cited Russia's import ban on EU pork meat. It also said the weakening of the rouble had pushed up the price of meat raw materials by an average of 30% since the start of the year. The company's business in Russia had not been able to pass on the higher costs, it added.
In November, it had to issue a warning on 2013 profits due to costs linked to its exit from Russia.
The company has stopped primary pork production in Russia and decided to discontinue industrial production in Moscow.
Atria will report its first-quarter results on 6 May.
Canadean's "Atria Group Plc : Consumer Packaged Goods - Company Profile, SWOT & Financial Analysis" contains in depth information and data about the company and its operations. The profile contains a ...
Finnish food processing company Atria’s vision is to be a leading enterprise in meat processing and meal solutions, in both Finland and in the Baltic Sea region. In Swedish consumer foodservice, Atria...
Atria Suomi is one of the leading Finnish packaged food manufacturers, both in terms of the retail market and foodservice sales. Although in general terms the level of competition is increasing, Atria...
During 2013, food trucks were introduced to the citizens of Stockholm. They came about through the approval by Stockholm’s local Traffic Administration Office for operators to present their own variat...
- Focus: Danone CEO Faber puts stamp on business
- Cleaning up Tesco will have mixed supplier impact
- The just-food interview: Doux CEO Arnaud Marion
- Interview part 2: BRF CFO Augusto Ribeiro
- Bitesize interview: Cricketer Farm MD Greg Parsons
- General Mills outlines "aggressive" NPD drive
- Coles supplier payments broke competition law
- Lay's heads "billionaire food brands" list
- Australia consumer watchdog probes raw milk sales
- Wessanen to buy dairy-free drinks firm Abafoods