Half Year financial report
JSC "Brivais vilnis" Unaudited Interim Report for 6 months of 2017
In the 1st half of 2017, the JSC "Brivais vilnis" has been working with a loss of 490 thousand EUR. In 1st half of the previous year the loss was 129 thousand EUR. Earnings of reporting period 3 108 thousand EUR, while the gross profit 5 thousand EUR. Losses of the 1st half of 2017 are related to the low market activity and the price dumping and the struggle for the market in the fishing industry. The Company continues to work on development of new types of products. The main goal of the JSC „Brivais vilnis” is to produce a high quality products, using natural raw materials and not using synthetic food additives and genetically modified products.
Salacgriva, Latvia, 2017-08-31 15:07 CEST (GLOBE NEWSWIRE) --
August 31, 2017
The types of activities performed by the JSC “Brivais vilnis” (the Company) are processing and canning of fish and fish products, wholesale of food products and other commercial activities classified nowhere else. On May 14, 2002 the company was registered in the Common commercial register of the Republic of Latvia.
Year 2017 is the 26th year of operation since the Company was transformed into a Joint Stock Company.
In the 1st half of 2017 the Company produced a total of 5.8 million cans of various types (143) of fish products, including 2.4 million cans of sprat. 5.9 million cans were sold for EUR 3.1 million.
The financial result of the 1st half of 2017 is a loss of EUR 490 thousand. These losses are from economic activities of the Company and are related with decrease of production and sales volume and currency fluctuations in the CIS countries. In the fishing industry, the price dumping and the struggle for the market are taking place.
Net turnover of the 1st half of 2017 is EUR 3.1 million.
Result of the 1st half of 2017:
Gross profit 5 594EUR.
The Company’s goal is to continue transformation in accordance with the EU and third countries quality requirements, reducing production costs to enable the Company to compete and strengthen its position in existing and new market of canned fish. The Company continues work on adoption of new markets in North America and South America.
The Company continued to work on development of new types of products. We are working on improvement of quality of the current assortment and introduction of new, innovative type of packaging. In this autumn, the Company plans to issue some new products, including sprats in brine without preservatives. The new products will be available also on domestic market, but the Company will focus on the export, as we see more potential in foreign markets.
At the end of June, the Company stopped the production to carry annual repair of factory and districts out, employees could take their leaves and to realize the stock of produced canned fish. In the beginning of August, the Company restarted production of canned fish, in order to ensure fulfilment of orders.
The Company is a leader in product quality, it makes production only from natural raw materials and doesn`t use synthetic food additives and genetically modified products.
Chairman of the Board