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International Internet Magazine. Baltic States news & analytics Tuesday, 26.05.2020, 09:24

Latraps agricultural cooperative expects turnover to drop 15-20% due to smaller grain harvest

BC, Riga, 06.04.2017.Print version
Latraps agricultural cooperative expects its turnover to contract by 15-20 % this fiscal year, which lasts from July 1, 2016 to June 30, 2017, because of a poorer grain harvest and lower prices, Latraps CEO Edgars Ruza told LETA.

Ruza said that Latraps projects its turnover to drop this fiscal year because of the overall market situation. Both grain prices and harvest have declined and a large part of the harvested grain could only be used as livestock fodder and sold for a price that is 20 % lower than the price of high-quality grain suitable for human consumption.

The previous fiscal year, which lasted from July 1, 2015 to June 30, 2016, was very successful for Latraps. “Our fiscal year coincided with the selling of the big harvest of 2015, so this was a record year in terms of turnover and also in every other sense,” the head of the cooperative said.

During last fiscal year, which lasted from July 1, 2015 to June 30, 2016, Latraps agricultural cooperative saw its turnover contract grow 40.2% y-o-y to EUR 228.799 mln, while the cooperative’s profit declined 0.7% to EUR 1.424 mln.

Latraps, established in 2000, is the largest grain and rapeseed producing cooperative in Latvia.

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