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Norway's Orkla group reports strong gains in 1st quarter net profits

Norway's Orkla group reports strong gains in 1st quarter net profits

Norway's Orkla ASA group on Thursday reported a 66-percent increase in net profits for the first quarter of 2007.
The group, based in Oslo, said its net profit for the January through March quarter was 2.84 billion kroner (US$477 million; euro350 million), up from to 1.71 billion a year earlier.
A statement said the company enjoyed strong gains in its Nordic regional branded foods sales and aluminum extrusion division, improved profits at its Orkla Materials unit and large returns from financial investments.
The group said revenues for the latest quarter were 13.9 billion kroner (US$2.3 billion, euro1.7 billion), compared with 12.5 billion a year earlier.
The company's shares were up 3.6 percent to 100 kroner (US$16.60; euro12.34) in early trading on the Oslo stock exchange.
Last year, the group sold its media unit, which had newspapers and radio stations, to Britain's Mecom Group PLC, accepting shares in that group as part payment. During the first quarter, Orkla sold those shares for a book gain of 300 million kroner (US$50 million; euro37 million).
Orkla is one of Norway's largest companies, with about 27,000 employees.
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On the Net:
http://www.orkla.com


Updated : 2021-05-12 10:49 GMT+08:00