NORWAY: Costs weigh on Rieber & Son profits
Norway-based food group Rieber & Son has become the latest to report a fall in full-year profits due to rising commodity costs.
The company, which sells across Europe, said EBITDA reached NOK487m (US$89.2m) in 2007, down from NOK537m a year earlier.
The fall in earnings came despite a 2.7% rise in sales to NOK4.6bn, Rieber & Son said.
"While the total market in all of the areas where Rieber & Son operates developed positively in 2007, the year was characterised by increasing pressure on prices for most input factors," the company said.
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