Rieber & Søn, the Norway-based food group, today (13 August) booked rising half-year profits but revealed earnings had fallen during the second quarter of the year.
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The company posted an 11.8% rise in operating profit to NOK151m (US$25.1m) for the six months to June. However, second-quarter operating profit fell 9.8% to NOK55m.
The fall in profits came despite rising sales during the second quarter and the first-half of 2009. Quarterly sales climbed 3.5% to NOK1.26bn, an accelerated rate of growth compared to revenues over the first six months, which rose 3.4% to NOK2.49bn.
Sales were helped by currency fluctuations, although Rieber & Søn said organic growth stood at 2.1% in the second quarter – and 1.9% over the first half.
However, the company said its results in Norway were “weaker” in the second quarter, due to the weak Norwegian kroner pushing up rising raw material costs. Meanwhile, profits were up in Denmark but down in Sweden.
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By GlobalData
