Estonia, Foodstuff, Markets and Companies
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Estonian cheesemaker Estover boosts net profit by 11 pct
BC, Tallinn, 19.07.2016.
Print version
Print versionThe Estonian dairy company Estover Piimatoostus saw sales revenue decline by a tenth to 24.2 mln euros last year but managed to increase net profit by 11% to 2.5 mln euros regardless of a significant drop in raw milk and dairy product prices, informs LETA/BNS.
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Competition on the dairy products market is very tight and prices fluctuate a great deal, Estover said. A heavy fall in raw milk and dairy product prices led to revenue decrease while production volumes grew. In view of price falls, last year's results can be considered good, the management said in the annual report.
The company's workforce grew by nearly 8% to 162 people and its wage costs amounted to 1.9 mln euros.
Estover's core business is dairy production, with cheese, butter, cottage cheese, ricotta and mozzarella as the principal products.
Estover Piimatoostus belongs to United Estover Group OU owned by Ago Teder, which holds 90% of the shares, and AE Group OU, a holding of Ago Enok, whichs owns 10%.
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