Baltic Export, Foodstuff, Industry, Markets and Companies, Russia

''We have not yet begun to resume the export of our products to Russia, but we plan on doing so in March or April,'' he said. ''We are still finalizing all the necessary documents.''

Endele did not say which specific products the company plans to export to Russia, but added that Karavela once had very good positions in the Russian market.

The Russian food safety authority, Rosselkhoznadzor, announced this past December that it had lifted the restrictions imposed on imports of products by Karavela.

In summer 2015 Rosselkhoznadzor banned imports of fish products from Latvia and Estonia to Russia, citing breaches of veterinary and sanitary standards.

As reported, Karavela achieved EUR 38.3 mln in turnover last year, which is a EUR 10 mln increase when compared to the previous year.

According to LETA calculations, the company increased turnover by 35.3% last year, when compared to the previous year.

Endele also said that the company also concluded 2017 with profit, but that the audited financial results are yet to be released.

He said that the company's positive increase in turnover was largely due to successful activities in western markets, as the company has launched cooperation with such supermarket chains as Lidl and Aldi, and has also entered the U.S. market.

Endele also said that the company has also been able to increase sales in eastern markets as well.

In 2016, Karavela generated EUR 28.304 mln in sales, down 1.8% from 2015, and earned a profit of EUR 747,753, which was a 55.6% rise y-o-y.

Founded in 2001, Karavela is one of the largest fish canneries in the Baltic states. The company belongs to several individuals, including Janis Bite, who is the key shareholder with 56%.