NOVO INDUSTRI EARNINGS FALL DESPITE INCREASED SALES
Danish-based insulin and enzymes
producer Novo Industri A/S (NVO.CO) said pre-tax earnings fell
almost 10 pct in 1986 though sales rose by two pct.
    The pre-tax figure fell to 788 mln crowns from 872 mln in
1985, on sales increased from 4.1 billion to 4.2 billion,
giving net earnings of 521 mln crowns against 604 mln in 1985.
    Earnings per 20-crown share went from 23.79 crowns to 20.45
crowns but the company proposed an unchanged 20 pct dividend.
    "Foreign exchange fluctuations in 1986 were a very
significant factor behind developments in the result before and
after tax," Novo said in a statement.
    "Not only the U.S. Dollar but also other currencies
essential to Novo fell in 1986 in relation to the Danish crown,"
the statement added.
    In November 1986, Novo purchased 75 pct of shares in A/S
Ferrosan, which heads a group specialising in research and
development of CNS (central nervous treatment) treatments and
the sale of pharmaceuticals and vitamins in Scandinavia.
    The 357 mln crowns paid in goodwill "had a very limited
effect on the 1986 result," the Novo statement said.
 Reuter
