Estonia, Foodstuff, Markets and Companies

"Decrease in sales revenue was predictable as we are decreasing lower margin Norwegian salmon trade to other fish producers and focusing more on our own products, including fresh fish direct sales to customers," PRFoods told the stock exchange.

Revenue was divided by largest target markets in October as following: Finland 4.8 mln euros, the United Kingdom 1.0 mln euros, Estonia 0.7 mln euros, Latvia 0.1 mln euros, France 0.1 mln euros and Belgium 0.1 mln euros. Remaining revenue 0.1 mln euros consists of export to various countries.

October’s revenues were also influenced by later usage of own farmed fish, as due to more favorable climate the company started only in November. Longer growing period provides better growth.

At the end of October, PRFoods started export to China from its factory in Britain as well as got new customers from the EU and Switzerland. The company expects significant improvement in profitability from Estonia and Britain.

Profitability is decreasing in Trio Trading, which is merging into Heimon Kala Oy, due to the decrease of trading sales volume, but it is compensated by better profitability from other entities, the company said.

The largest decrease in October compared to previous year in revenue came from the raw fish and fillets products group, which decreased by 23.8% to 3.2 mln euros. The revenue from the smoked products group decreased by 10.9% to 2.9 mln euros and the revenue from the other fish product group decreased by 12.8% to 800,000 euros.