Salacgriva, Latvia, 2017-05-31 15:12 CEST (GLOBE NEWSWIRE) --
Management Report
May 31, 2017
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 2017 is the 26th year of operation since the Company was transformed into a Joint Stock Company. In the 1st quarter of 2017 the Company produced a total of 2.9 million cans of various types (84) of fish products, including 1.05 million cans of sprat. 2.5 million cans were sold for EUR 1.4 million.
The financial result of the reporting period is a loss of EUR 279 thousand and these losses are from economic activities of the Company. The Company`s results were affected by activities of competitors, reducing the sales prices and selling the canned fish below the cost in order just to maintain the market segment.
As previously reported, the Company restarted the production of canned fish in February, 2017. The Company`s goal was to reduce costs in order to maintain the solvency and the sales market.
In 2016, there were made the work on development of new markets. 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 July we will perform the necessary repairs and upgrades to improve energy efficiency of auxiliary shops. We are working on development of new products.
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
