Home / latvia / Loss of Baltic Dairy Board increased last year to 1,467 million euros :: Bauskasdzive.lv

Loss of Baltic Dairy Board increased last year to 1,467 million euros :: Bauskasdzive.lv



Turnover dairy company "Baltic Dairy Board"
last year was 884,288 euros, which is several times less than a year
while the company's loss increased by 31.2% to 1,467
Million euros, according to the company's annual report.

According to the company's management report, the company stopped last March
buy raw milk. The company continued to work actively on procedures
to start delivering galacto-oligosaccharide products to infants and children
food producers. In December 2018, the company signed a long-term agreement
contract for the supply of galacto-oligosaccharide to Chinese nationals
Dutch company, producer of baby food. Last year the company also
receive a certificate of organic production.

The management of the company points out that the remarkable Baltic Dairy Board
The fall in revenue last year is due to the fact that the company has disappeared
year of new product, factory approval procedures
and completed the necessary certificates and permits for the purpose
also start supplying baby food producers to the world market
the company has done that successfully.

The management of "Baltic Dairy Board" indicates that the company is making losses
last year can be explained by the depreciation of fixed assets,
maintenance costs of installations and salaries of staff.

The company's priority in 2019 will be to ensure continuous
galacto-oligosaccharide, including biological galacto-oligosaccharide
products to be exported, gradually increasing
production and therefore reduction of production costs. partnership
also wants to increase business value, revenue and profit
to attract investments to expand the plant.

LETA has already reported that in 2017 "Baltic Dairy Board" worked with 19,456
million euros in revenue, which is 4.6% more than in 2016, but
the company's losses increased in triplicate to 1,118 million
euros.

"Baltic Dairy Board" (formerly "Sigilo KV") bought the insolvent milk processing company "Bauska piens" in 2012 and started building a milk factory. The Baltic Dairy Board plant was put into operation in December 2015.

The share capital of Baltic Dairy Board amounts to EUR 777,778. partnership
the largest owner is Kaspars Kazaks (51%). Issued by the company
Bonds are listed on the Nasdaq Riga Stock Exchange
on the list.


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