Agriculture, Foodstuff, Latvia, Markets and Companies

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 08:19

Balticovo expects drop in turnover this year

BC, Riga, 27.11.2018.Print version
Balticovo egg producer this year expects its turnover to drop compared to last year, the company’s council chairman and co-owner Valdis Grimze said in an interview with LETA.

He reminded that 2017 had been very successful for the company because other producers had been facing different troubles, including diseases of poultry, and there had been a deficit of eggs in the market. The company’s product prices rse, and the company increased its turnover successfully. This year, however, there is a surplus of eggs and there is a shortage of good quality grain due to poor harvests. Thus, Balticovo will have to purchase more expensive grain from abroad.


"There is a drop of turnover already, the prices have lowered to the level they had in 2016, while grain prices are by 30% higher," he said.


Grimze said that there is a global demand for good quality eggs for available prices. The company’s sales outside Europe have not dropped. "We go into European markets and looking for new markets in Europe, Southeastern Asia. For example, we have coordinated certificates in Hong Kong. We are also working in South Korea and other directions," he said.


As reported, Balticovo egg and egg products producer last year posted EUR 52.3 mln in turnover, up 17.3% from 2016, while the company’s profit reached EUR 10.8 mln which is four time bigger than in 2016.


The largest shareholder in Balticovo is BCO company with 95.42%.






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