Success in pushing through price increases and control over costs has pushed up quarterly earnings at Orkla Brands, the Norway-based food group.
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The company, which includes operations in the Nordic region, Russia and India, posted earnings before amortisation, restructuring and significant impairments of NOK804m (US$116.9m) during the fourth quarter of 2008 – up from NOK696m a year earlier.
Underlying profits, excluding the effects of foreign exchange, acquisitions and disposals, rose 10%.
Revenue rose from NOK6.18bn a year ago to NOK6.74bn, Orkla Brands said, with underlying sales climbing 5% during the quarter.
However, sales volumes in all of Orkla Brands’ business units, except Orkla Brands Nordic, fell during the quarter.
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By GlobalDataOrkla Brands also warned that the “substantial weakening” of the Norwegian and Swedish kroner against the US dollar and the euro had “significantly” increased purchasing costs during the quarter.
Orkla Brands is the food and consumer goods business of Norway-based food-to-energy conglomerate Orkla.
