The Norwegian drinks-to-media group Orkla, reported a pre-tax loss for its first quarter, surprising the market and sending its share price down.
Pre-tax losses amounted to 9.0m crowns (US$1.30m) for the quarter ending March. This compared to a 425m crown profit in the same period a year ago. Analysts had been expecting a profit of around 322m crowns.
The group was primarily hit by its 40% stake in the Danish brewer Carlsberg, which saw its profits fall well short of market expectations today.
“Lower beer sales in Europe resulted in a poor start to the year for Carlsberg Breweries,” Orkla said.
“For Orkla’s other industrial operations the trend was positive, taking into account the effects of a late Easter and structural changes in the Chemicals business,” it added.
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