Norwegian consumer goods business Orkla has seen its first-quarter operating profit increase by 13 per cent to NOK 817 million.
The company's branded consumer goods operations, which include Orkla Foods and Orkla Confectionary & Snacks, drove the improved results, as pre-tax profit in this area rose by 57 per cent compared to the same period last year.
Operating profit for Orkla’s branded consumer goods business totalled NOK 860 million in the quarter, an improvement of 12 per cent, while operating revenues rose by 14 per cent.
Speaking about the results, Orkla President and CEO Peter A. Ruzicka said that Orkla's recent purchases, including O. Kavli A/S, will help the company grow.
"For the eighth consecutive quarter, we have succeeded in achieving organic turnover growth in markets where there is strong international competition. We have had several successful new launches, and are also seeing the effect of numerous internal improvement projects. We made a number of important acquisitions in the quarter that will strengthen our operations going forward,” said Ruzicka.
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by John Golden. To subscribe to ESM: The European Supermarket Magazine, click here.
