Agriculture, Industry, Lithuania, Markets and Companies

International Internet Magazine. Baltic States news & analytics Thursday, 25.04.2024, 15:56

Nordic Sugar's Lithuanian refinery ups FY revenue as higher prices offset lower output

BC, Vilnius, 26.07.2016.Print version
Nordic Sugar Kedainiai, the Lithuanian unit of Denmark's Nordic Sugar, one of the biggest sugar producers in Europe, last year posted a 13.5 % revenue growth as a decline in its sugar output was offset by a rise in sugar prices. The company reported 82.799 mln euros in revenue for the last financial year, up 13.5% from 72.932 mln euros a year earlier,writes LETA/BNS.

"Great attention to trade and market competition helped us to achieve good summer and overall sales results," Nordic Sugar Kedainiai said in its annual report filed with the Center of Registers.


"Unlike in previous years, the fall of 2015 saw a slight upward trend in prices in the sugar market, which was additionally supported by lower-than-planned sugar production volumes both in Lithuania and in neighboring Poland," it said.


Nordic Sugar Kedainiai said that its processing volumes fell by 32.3% to 523,000 tons of sugar beets and production output was down by 28.3% to almost 83,000 tons of sugar, attributing the decline to reduced areas planted to sugar beet and unfavorable weather conditions.


The company's net profit soared by 79.8% year-on-year to 981,700 euros, according to the report.


Nordic Sugar Kedainiai employed a workforce of 224 in late February 2016. Denmark's Nordic Sugar owns a 70.61% stake in the Lithuanian sugar refinery and small shareholders hold the remaining shares.

 





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