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.
  

