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Orkla Latvija posts EUR 1.2 mln loss on EUR 71.6 mln turnover for 2015

BC, Riga, 13.06.2016.Print version
Orkla Confectionery&Snacks Latvija (formerly NP Foods) in 2015 generated EUR 71.6 million in turnover which is a growth by EUR 740,000 from 2014, the company said LETA.

The group's loss in 2015 was EUR 1.214 million as opposed to a profit of EUR 1.107 million in 2014, according to Firmas.lv.

 

The company said the loss was due to reorganization of internal processes that was launched last year and required one-time additional investment.

 

Erik Smith-Hansen, Chairman of the Management Board, said the company's investments totaled more than EUR 10 million in 2015. Investments were made in production equipment, including with support from the European Regional Development Fund, and Orkla Confectionery&Snacks Latvija also invested in product development, renovation of premises and labor safety. About EUR 2 million were invested in the reorganization measures.

 

The company last year increased exports to the United States and other countries, compensating for the decline in exports to Russia due to low buying ability of Russia's population. The steepest growth of exports was to the U.S. – by 80%. Among the EU member states, the biggest rise in exports was observed for Ireland (by 23%), and among the countries to the east of Latvia, exports to Israel grew most steeply (by 10%).

 

Norway's Orkla bought Latvian food group NP Foods in August 2014, and decided to reorganize the group, merging NP Foods, Laima, Staburadze and Latfood companies into a single company named Orkla Confectionery&Snacks Latvija while Spilva and Gutta were merged to create Orkla Foods Latvija.

 

Orkla Confectionery&Snacks Latvija represents the following brands – Laima, Selga, Staburadze, Adazu Cipsi and Taffel. The company exports its products to nearly 30 countries.






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