Norwegian conglomerate Orkla said today (5 May) that it expects its FMCG business Orkla Brands “to continue to deliver a robust performance” after quarterly profits from the unit climbed almost 20%.
Orkla, whose consumer food business Orkla Brands takes in products from chocolate to pizza, said EBITA from the division rose 19.5% to NOK624m (US$102.8m) in the three months to end of March.
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The jump in profits came as revenues from the division inched up only 0.9% to NOK5.4bn as “weak markets” in Russia and the Baltic states weighed on the business.
Orkla also announced that its Felix Abba arm had bought Estonian chocolate maker Kalev.
For the full first-quarter announcement from Orkla, click here.
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