Norwegian dairy group Tine has seen its operating profit dented by increased costs, which more than offset rising sales.
The group said operating profit in the third-quarter fell to NOK534m (US$64.6m), a decrease of NOK28m on last year’s level.
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Revenue at Tine were up in the period, however. Sales rose to NOK5.6bn, an increase of 3% on the comparable period of last year.
Tine CEO Hanne Refsholt said that the company said value growth across its primary categories of milk, cheese and yogurt. In particular, Refsholt flagged growing cheese consumption in Norway as a positive trend supporting future growth.
Revenues for Tine’s international business increased 1.3% to NOK700m in the period, accounting for 12.5% of Tine’s total sales. Growth was supported by a 4% increase in sales of Tine’s Jarlsberg brand. The company said volume growth was “encouraging” at a time of price increases.
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By GlobalData
