Orkla hits bottom of STOXX as profit weakens

Orkla ASA

14/02/2023 08:55

** Shares of Orkla  ORK.OL  slump 7% after the Norwegian
food processing company posted a profit miss for Q4
    ** The group's quarterly pre-tax profit of NOK 1.70 bln
($168.53 million), down 8% year-on-year, came 20% below
estimates seen in Refinitiv poll
    ** Orkla said it faced a challenging market situation in
2022 with substantial increases in input costs, extensive value
chain disruptions and uncertainty regarding the global food
situation
    ** The company plans to look into low-profitability
factories and undertake cost improvement programmes, naming its
business in Czech Republic as one of the structures it was
considering to change
    ** Today's losses place Orkla at the bottom of the STOXX 600
 .STOXX  index
($1 = 10.0988 Norwegian crowns)
 (Reporting by Agata Rybska)
 ((agata.rybska@thomsonreuters.com))