NORWAY: Orkla sees Q2 underlying operations on a par with 2001
Oslo-based Orkla Group has reported that its Q2 operating profit remained fairly stable, but lower realised gains contributed, as in the Q1, to a lower profit before tax; NOK1.1bn (US$0.14bn) this quarter compared to NOK1.5bn in the same period last year. Orkla Brands and Orkla Beverages achieved growth in the Q2, while Orkla Foods posted lower profit than anticipated. The advertising market is still weak and, as expected, this had a negative effect on Orkla Media.
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