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. Last Updated: 07/27/2016

Russia Crisis Cuts Raisio Profit 52%

HELSINKI, Finland -- Finnish food group Raisio on Monday reported a 52.7 percent year-on-year fall in January-April profit before extraordinary items to 13.1 million euros, citing a large drop in exports to Russia.

"Exports to Russia came to a halt in late summer 1998. This was the main reason for the 15 percent drop in turnover," the company said in a statement

Net sales fell to 257 million euros ($264.8 million) from 301.1 million euros a year ago, the Raisio statement said.

Weakness in the company's margarine division stemming from falling exports during the Russian economic crisis led to an operating loss of 5.6 million euros from a profit of 2.3 million in 1998.

"It is very disappointing as they earlier talked about a small recovery in margarine exports to Russia, and this is by far the worst four-month margarine figure they have had," said Bram Cornelisse, analyst at Merrill Lynch in London.