Salacgriva, Latvia, 2016-05-31 15:14 CEST (GLOBE NEWSWIRE) --
Management Report
May 31, 2016
The types of activities performed by the JSC “Brivais Vilnis” are processing and canning of fish and fish products, wholesale of food products, including fish, shellfish and mollusc, and other commercial activities classified nowhere else.
Year 2016 is the 25th year of operation since the Company was transformed into a Joint Stock Company. In the 1st quarter of 2016 the Company produced a total of 2.7 million cans of various types (87) of fish products, including 1.2 million cans of sprat. 2.4 million cans were sold for EUR 1.3 million.
The financial result of the reporting period is a loss of EUR 95 784, these losses are from economic activities of the Company.
As previously reported, the Company restarted the production at the end of January, 2016. The Company`s goal was to reduce costs in order to maintain the solvency. Three months we worked with a stable sales volume.
The work of new markets development in 2015 starts to proceed and the Company plans to stabilize the production and the realization in the second half of 2016. The Company continues to work on development of new sales markets in Western Europe, North America, South America and rest of the world. The Company works on introduction of innovative packaging. In summer we will perform the necessary repairs and upgrades to improve energy efficiency of auxiliary shops.
The JSC „Brivais vilnis” makes production only from natural raw materials, completely excluding modified raw materials, favor and color enhancer and preservatives in production. The high quality of products is the key that allows the JSC „Brivais vilnis” to be competitive in canned fish market.
Arnolds Babris
Chairman of the Board
