Agriculture, Foodstuff, Latvia, Markets and Companies

International Internet Magazine. Baltic States news & analytics Wednesday, 27.05.2020, 06:04

Balticovo turnover at approximately EUR 49 mln in 2018

BC, Riga, 12.07.2019.Print version
Egg and egg product producer Balticovo closed 2018 with EUR 49 mln in turnover, a slight decrease from 2017, as Balticovo supervisory board chairman Valdis Grimze informed LETA.

According to LETA estimates, the company's turnover decreased by about 7% last year.

"Last year there was a slight reduction in turnover due to the market situation," explained Grimze. "Grain prices rose substantially as grain harvest last year was worse in not only Latvia, but also elsewhere in Europe and the world," he said, adding that the cost of grain accounted for approximately 70% of poultry feed. For this reason, Balticovo's profit also decreased a little last year.

Speaking about projections for this year, Grimze said that the company's financial results depended on not just global grain prices, which at this time are steady, but also on egg prices on the global commodity market. The higher egg prices, the higher Balticovo turnover and profit become. Right now it is difficult to predict what egg prices will be in the coming six months.

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