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.
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