Vivartia, Greece's largest food group, saw its pre-tax profits fall last year due to costs linked to the change of ownership at the company and fines incurred for price-fixing.

The company booked pre-tax profits of EUR51.8m (US$81.8m) for 2007, down from a pro forma EUR82.3m a year earlier.

Costs linked to last year's move takeover of Vivartia by Marfin Investment Group weighed on earnings. In December, the company was also hit with a EUR21.8m fine for its part in fixing the price of dairy products in the country.

Vivartia saw its annual revenue reach EUR1.1bn but said the result could not be directly compared to its result in 2006 as its bakery and confectionery business was only consolidated in its numbers from September that year.