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International Internet Magazine. Baltic States news & analytics Sunday, 18.08.2019, 18:42

Hanzas Maiznicas bakery reports 2% turnover reduction for 2018

BC, Riga, 22.07.2019.Print version
Latvia’s Hanzas Maiznicas bakery saw its turnover drop 2 percent last year to EUR 17.4 mln, while the company’s loss contracted to EUR 614,000, Hanzas Maiznicas CEO Ugis Mihnevics told LETA.

The head of Hanzas Maiznicas indicated that the turnover decrease was consistent with the overall decline of the Latvian bread market, while the annual loss was cut as a result of the measures taken by the company.

Mihnevics said that unless something unpredicted happens the company’s 2019 result will be very good. “I would not like to give any figures, but what has been done in the first six months of this year is a very good job. I would describe this year as a year of harvesting,” the Hanzas Maiznicas CEO said.

Even though the company’s sales continue to decline on the overall market contraction, more and more consumers choose to buy products with high value added which are also more expensive.

Hanzas Maiznicas closed 2017 with EUR 17.77 mln in turnover, up 10.4% against a year before, while the company’s loss expanded 20.5% y-o-y to EUR 1.093 mln.

Hanzas Maiznicas belong to Finland’s Vaasan, which is a member of Sweden’s Lantamannen ek. for. Hanzas Maiznicas makes around 40 various fresh bread products.

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