Brief: Orkla Says Cost Improvement Measures Proceeding As Planned

Orkla ASA

26/10/2023 06:08

Oct 26 (Reuters) - Orkla ASA  ORK.OL :
    * ORKLA ASA CEO SAYS CONTINUED HIGH INFLATION, LOWER BUYING
POWER
AND REDUCED DEMAND HAVE HAD A NEGATIVE EFFECT ON SALES VOLUMES
IN SEVERAL PORTFOLIO COMPANIES
    * ORKLA ASA CEO SAYS MAJOR COST IMPROVEMENT MEASURES ARE
PROCEEDING AS PLANNED AND CONTRIBUTING TO REDUCE COST GROWTH
    * ORKLA ASA SAYS PROFIT CONTRIBUTION FROM ASSOCIATES
AMOUNTED TO
NOK 509 MILLION, AN IMPROVEMENT OF 114%
    * ORKLA ASA SAYS JOTUN WAS MAIN CONTRIBUTOR TO THIS
IMPROVEMENT,
DRIVEN BY VOLUME GROWTH, HIGHER GROSS MARGIN AND GOOD COST
CONTROL
    * ORKLA ASA SAYS HYDRO POWER'S Q3 OPERATING PROFIT EBIT
(ADJUSTED.) WAS REDUCED FROM NOK 773 MILLION TO NOK 153 MILLION
    * ORKLA ASA SAYS EIGHT OUT OF 12 PORTFOLIO COMPANIES HAD
UNDERLYING PROFIT GROWTH
    * ORKLA ASA SAYS CEO OF ORKLA FOODS EUROPE PAUL JORDAHL
WISHES TO
STEP DOWN, ATLE VIDAR NAGEL JOHANSEN, EVP & INVESTMENT EXECUTIVE
AT ORKLA, WILL SERVE IN ROLE TEMPORARILY AS FROM NOV 1

Source text for Eikon:  ID:nWkr2DKnYL 
Further company coverage:  ORK.OL 

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