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Friday, 29.03.2024, 10:12
Latraps agricultural cooperative expects turnover to drop 15-20% due to smaller grain harvest
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.