Tine, Norway’s largest dairy company, saw first-quarter profits fall sharply to NOK10m (US$2m) from NOK53m in the same period in 2007.
The company said high costs and lower margins dented its profits despite a 12% increase in turnover to NOK4.1bn.
Tine, a producer, distributor and exporter of dairy products, said its first and last quarters were traditionally the two weakest of the year.
Tine said new products, including Omega-3 brands, had performed strongly, but that the market was highly competitive and costs had been higher than forecast.
To try and tackle these issues, the company said it planned to cut administration costs and modernise equipment, as well as continue to develop new product lines.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData