Norwegian food group Rieber & Søn has booked an increase in profits for the first quarter of the year.
For the three months to the end of March, EPS amounted to NOK0.90 (US$0.15) compared to NOK0.77 in the previous year. Net profit stood at NOK60m, compared to NOK59m a year earlier.
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Operating profit increased 15% to reach NOK110m in the quarter, which the firm said today (28 April), is in line with its plans to “improve group profitability”.
First-quarter sales, however, dropped slightly to NOK1.19bn, against NOK1.24bn last year. Organic growth stood at 1.5%.
Rieber said the sale of its onion ring business in the Netherlands and the Sopps brand had an effect on sales.
“We now have eight production plants in Norway, Sweden, Denmark and the Czech Republic which are undergoing an extensive programme aimed at improving productivity and inventory control. This is now showing results,” said CEO Patrik Andersson.
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