Norwegian food company Rieber & Søn has booked a 76% increase in net profit in its second quarter due to savings found through its ‘Our Future’ programme.
The company today (12 August) posted net profit of NOK46m (US$7.4m) for the second quarter of 2010, against NOK26m for the same quarter of the previous year.
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However, sales in the second quarter fell 11.5% to NOK1.11bn, due to the impact of foreign exchange and the sale of its Sopps brand, a frozen onion ring business, canned seafood unit King Oscar and its marine ingredients operations. On an organic basis, sales fell 3%.
“Part of the sales decrease was effectively planned as we have sold businesses that were not profitable or not part of our core business. Within the last year we have sold the brand Sopps, the frozen onion ring business, the King Oscar business and the marine ingredients business. This explains more than five percent of the sales decrease,” said CEO Patrik Andersson.
The company has adjusted its EPS target following the divestment of King Oscar, now forecasting NOK3.65, down from NOK4 before the sale.
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By GlobalData
