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October 25, 2012

NORWAY: Costs hit Rieber & Søn Q3 profit

Norwegian food group Rieber & Søn has booked a drop in third-quarter profits, hit by one-off costs.

Norwegian food group Rieber & Søn has booked a drop in third-quarter profits, hit by one-off costs.

In the three months to the end of September, net profit fell 22.8% to NOK61m (US$10.6m), the group reported today (25 October).

The company was hit by one-off costs in the period, amounting to NOK30m related to organisational changes and to the acquisition of Lierne Bakeri. EBITDA amounted to NOK146m, a 16.6% decline on last year.

Sales fell 4.6% to NOK1.03bn and organic growth was 2.2% down on last year’s third quarter.

Sales were marginally affected by structural effects, the company said, but also fell by two percentage points as a result of currency conversion effects.

Earlier this month, Rieber agreed a deal for Norwegian conglomerate Orkla to buy a 90.1% stake in the company. The agreement values Rieber & Søn at NOK6.1bn (US$1.03bn), on a debt-free basis.

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