OSLO (dpa-AFX) - Orkla ASA (ORK.OL), The Norwegian industrial investment major, Friday reported higher earnings for the third quarter compared to the same period last year. However, operating revenue decreased by 2.3 percent.
Quarterly earnings increased 10.6 percent to NOK 1.74 billion or NOK 1.80 per share from NOK 1.57 billion or NOK 1.57 per share last year. Per share increase is explained by discontinued operations in the third quarter.
Excluding one-time items, earnings increased to NOK 1.94 per share from NOK 1.85 per share previous year. The rise in Adjusted earnings per share, is linked to both profit growth and Orkla's share buyback programs which have reduced the total number of shares year-over-year.
Operating Profit decreased to NOK 1.58 billion from NOK 1.64 billion over a year ago.
Adjusted EBIT grew 1.9 percent to NOK 2.08 billion from NOK 2.04 billion year to date.
Nonetheless, operating revenue declined to NOK 17.54 billion from NOK 17.95 billion prior year, reflecting negative currency translation effects due to a stronger Norwegian krone year-over-year.
On Thursday, shares closed at NOK 101.90, up 1.90% on the Oslo Stock Exchange.
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