Oslo Firm_s Profits.
Published:
10 June 1999 y., Thursday
Norwegian indus-trial group Orkia ASA said Friday that lower earnings from Russian beer helped depress pretax profits by 40 per-cent in the first four months of 1999 and it forecast a mixed outlook for the rest of the year. Orkia, whose interests range from soft drinks to newspapers, said pretax profits fell to 468 million kroner ($58.5 million) in January to April from 778 million in the same period of 1998. The results were weaker than most analysts_ forecast, especially for chem-icals, beverages and foods. Baltic Beverages, which Orkia owns 50-50 with Finland_s Hartwall, is a ma-jority shareholder in St. Petersburg_s Baltika Brewery. Baltika sales rose by 25 percent to 287 million liters but a weaker ruble cut Orkla_s share of profit to 67 million kroner from 167 million. Orkla_s overall operating revenues gained to 9.63 billion kroner from 9.58 billion while operating profits fell to 341 million kroner from 474 million. Net profit fell to 342 million from 576 million. Orkla_s overall beverages division swung to a loss of 35 million kroner from a profit of 70 million, also partly hit by the end of a production deal with U.S. soft drinks giant Coca-Cola.
Šaltinis:
Internet
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is making a €4 million equity investment in Geofoto, a Croatian geodetic company offering mapping, geodetic survey, photogrammetry, geoinformatics and aerial survey services, to support its drive to expand operations on international level.
more »
Nordea came out of 2009 in an even stronger position, despite one of the most challenging years for decades. Risk-adjusted profit increased 22% and our capital position and cost of funding are among the best in Europe.
more »
MEPs gave the green light on Thursday for EU funding to help Europe's unemployed start up small businesses.
more »
MEPs are deeply concerned about the long-standing and growing presence of al-Qaeda, and the deteriorating security, social and economic problems in Yemen, which they think could destabilise neighbouring countries.
more »
At the start of a new decade, Sub Saharan Africa is reeling from the effects of three major global crises – food, fuel and financial – that have reversed many of the economic achievements of the last 10 years and left some growth projections at levels below those of 30 years ago.
more »
The 5th High-level Seminar of Central Banks in the East Asia-Pacific Region and the Euro Area was jointly organised by the European Central Bank and the Reserve Bank of Australia, in cooperation with the Hong Kong Monetary Authority.
more »
The EBRD and European Fund for Southeast Europe are boosting the availability of financing to private businesses in Moldova with a $10 million loan to ProCredit Bank in Moldova for on-lending to micro and small enterprises.
more »
The EBRD is supporting the development of the retail infrastructure in Croatia with a €68 million loan to finance the construction of a modern shopping centre in Split, the second largest city in Croatia.
more »
The European Bank for Reconstruction and Development has agreed to sell its 15 percent stake in OAO Swedbank Russia to its parent and major stakeholder, Sweden’s Swedbank AB, a move which would give it full ownership of its Russian subsidiary.
more »
The Ministers of Industry took the first steps in San Sebastián today to make the electric vehicle a reality in Europe and agreed that European institutions, with the EC at the head, should lead a common strategy on electric vehicles.
more »