Sweden's Essity takes 1.4 billion SEK write-down in Russia as profit falls

STOCKHOLM – Hygiene products group Essity said on Friday it had taken a write-down of 1.4 billion Swedish crowns ($147.4 million) on its assets in Russia, as it posted a drop in first-quarter earnings.

Adjusted EBITA at the world’s second-biggest maker of consumer tissue fell to 2.83 billion crowns from 3.61 billion a year earlier.

“Furthermore, work has been initiated to exit the Russian market,” it said in a statement.

($1 = 9.4957 Swedish crowns)