FINLAND: Altia Corporation 2007 profits take a battering
Altia Corporation has posted a marked loss for 2007.
The Finnish state-owned alcoholic drinks producer and distributor said yesterday (12 March) that net loss in 2007 came in at EUR48.9m (US$76.2m), compared to a net profit in 2006 of EUR9.7m. Operating profit also swung to a loss, of EUR47m from a profit of EUR15.1m a year earlier.
Net sales in the year, however, increased by 7% to EUR494.7m. The rise was credited in part to the addition of sales from two companies acquired in 2006 and 2007 - SIA Mobil Plus ADV with net sales of EUR19.5m and Vintappergaarden with EUR1.4m.
For the final quarter of 2007, net profit slid to EUR1.1m, against EUR3.2m in the corresponding period a year earlier. Sales inched up to EUR139.4m from EUR135.3m.
The company's profits were hammered by non-recurring impairments, expenses and reservations of EUR66.7m. Around EUR60m of this was an "impairment of the group's goodwill and intangible assets based on updated impairment testing", Altia said.
No-one was immediately available for further comment at Altia when contacted by just-drinks today.
"In the Finnish market, the first quarter of 2008 is expected to be on a par with the corresponding period in 2007," the company said. "In the other Nordic markets, sales are expected to increase at a moderate pace in comparison with those of the first quarter of 2007.
"In the Baltic market, total sales are expected to remain at the 2007 level. Our goal will be to further increase our proprietary and supplier product market shares in all Nordic countries and in the Baltic region."
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