FINLAND: Atria’s profits down on higher costs
Finnish food group Atria today (1 August) posted declining first-half profits after a weak second quarter performance offset an increase in sales.
Atria saw sales rise 2.5% in the first half of its financial year, increasing to EUR638.1m (US$993.6m) thanks to acquisitions made in Sweden and Estonia.
During the period, Atria announced the acquisition of AB Ridderheims
Delikatesser in Sweden, and two Estonian meat processing companies, AS Woro Kommerts and AS Vastse-Kuuste Lihatööstus.
However, the company warned that conditions in the global meat market hampered its second-quarter performance, when sales dropped from EUR346.2m last year to EUR334.7m this year.
Margins were also down during the half, with profits before taxes declining to EUR11.2m, down from EUR53.3m in the first half of 2007.
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