Challenging quarter for Orkla
Orkla achieved operating profit (EBIT adj.) of NOK 1,408 million in the fourth quarter of 2018, a decline of 2.4% Fourth-quarter operating revenues rose 1.2% to NOK 10,983 million. The largest business area, Orkla Foods, posted organic sales growth, but this was offset by a decline in the other business areas. Destocking by wholesalers in Poland contributed to weaker results for Orkla Care. The Norwegian sugar tax was reduced as of 1 January 2019, resulting in short-term destocking by the Norwegian grocery chains and lower fourth-quarter profit for Orkla Confectionery & Snacks. "