Brivais Vilnis loses almost half a million euros in the first semester of 2017
In the first semester of last year, Brivais Vilnis had a total loss of 129 thousand euros.
On the other hand, the company had a turnover of 3.1 million euros in the first half of this year, which increased by 12% compared to the corresponding period of 2016, when the reported turnover reached 2.75 million euros.
Meanwhile, the gross profit of the company in the first semester was 5,000 euros.
The significant loss comes after a low market activity, price dumping and the struggle for the market in the fishing industry.
The types of activities performed by the JSC “Brivais vilnis” are processing and canning of fish and fish products, and wholesale of food products.
In the first six months of 2017, the company produced 5.8 million cans of various types of fish products, including 2.4 million cans of sprat. 5.9 million cans were sold for 3.1 million euros.
Brivais Vilnis plans 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 wants to launch its products in new markets in North America and South America.
Before the company's unaudited interim report for the first semester of 2017 had been published, Arnold Babris, Chairman of the Board of the company said in a statement that the Latvian fish company will invest 80,000 euros this year in its processing plant for repairs and equipment upgrading.
This is the 26th year of operation since the Brivais Vilnis was transformed into a Joint Stock Company.
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