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Investing.com -- Orkla (OL:ORK) on Friday posted a 10% rise in adjusted operating profit to NOK 1.8 billion in the first quarter, driven by stronger earnings from portfolio companies and a sharp gain in income from associated firms.
Operating revenues increased 2.3% to NOK 17.2 billion, despite a slight decline in volume and product mix.
Profit before tax rose 28% year over year to NOK 2.2 billion. Underlying adjusted EBIT for Orkla’s consolidated portfolio companies, including Orkla ASA, rose 7.6% to NOK 1.7 billion in the quarter.
Orkla reported NOK 651 million in profit from associated companies, a 57% increase compared with the first quarter of 2024.
The industrial investment company said the rise was primarily related to its 42.7% stake in Jotun, citing currency losses in the paint manufacturer last year due to the devaluation of the Egyptian pound, along with lower net financial expenses this year.
Diluted adjusted earnings per share were NOK 1.68, an increase of 19% from the same quarter a year ago.
In early 2025, Orkla entered agreements to divest its hydropower portfolio and the Pierre Robert Group.
The Pierre Robert transaction was completed during the first quarter, and the sale of the hydropower assets closed in the beginning of the second quarter.