FINLAND: Olvi Group bucks weather trend with strong results
Olvi Group has posted a strong set of results for the year so far, despite the poor summer in the countries it operates in.
The Finland-based drinks company said yesterday (25 October) that operating profit for the first nine months of 2007 rose by 19.2% on the corresponding period a year earlier, reaching EUR19.9m (US$28.6m). Sales leapt by 20% to EUR156.7m, with net profit up 19.8% to EUR16.4m.
In volume terms, sales increased by 11.3% to 26m litres.
For the third quarter, operating profit was "on a par with the previous year", Olvi said, at EUR8.5m. Net sales lifted 12.3% year-on-year to EUR56.5m. "Olvi Group was able to maintain the excellent earnings level of the previous year in spite of unfavourable weather conditions in high summer that contributed to the decline in total consumption," the company said.
Olvi concluded that it expects full-year net sales to increase and operating profit to "improve clearly" on the previous year.
Olvi, which operates in Finland and the three Baltic states, controls the A. Le Coq, Cesu Alus and AB Ragutis subsidiaries.
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