Finland-based meat firm Atria Group has booked a drop in earnings during the first nine-months of the year and warned that exit costs associated with its withdrawal from Russia will hit the full-year result.
During the first nine months of the year EBIT fell to EUR9.1m, down from EUR22.4m last year. Profit before tax fell to a loss of EUR200m, down from EUR12.9m.
The company said that sales were hit by one-off costs and highlighted its decision to exit the pork sector in Russia in particular. The move resulted in impairment costs totalling EUR23m.
Sales, however, were up at the protein group. Nine-month sales rose to EUR1.05bn, up from EUR982.9m in the comparable period of 2012. Gains were driven by an increase in revenues generated in Finland.
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