Loss of NOK 146 million for the owners of Voss water
The company behind the bottled water brand Voss is hit by falling turnover once again and lost NOK 146 million last year.
Last year, Rune Fløgstad in Voss of Norway, which produces the luxury water, that the company was in a profitable phase. According to the pre-tax profit statement, the company nonetheless lost 146 million according to the current exchange rate. This according to Finansavisen.
The company reports its accounting figures in US dollars, as this is their biggest market.
The figures also show that 20 per cent of company sales were lost last year. On top of that, the annual result has dropped by nearly NOK 100 million.
The large loss comes one year after the Chinese company Reignwood Europe Holdings bought 59 per cent of the shares for a just shy of NOK 1 billion.
Fløgstad says that Voss hopes that the change of ownership will lead to a faster expansion in the Chinese market. That seems to have evaporated.
Voss of Norway markets itself as producers of artesian water and the bottles are sold in almost 50 countries.
Fløgstad does not want to comment on the case to Finansavisen and refers to Voss NYC. The financial newspaper has so far failed to get in touch with the American subsidiary.
© NTB scanpix / #Norway Today