Business News

CORRECTION: $Panvita Food Group Incurs Loss, Boosts Revenues in 2011$

Murska Sobota, 13 March (STA) - Please note that the food group Panvita generated EUR 122.4m in revenues in 2011, not EUR 112.4m as previously stated. The corrected version of the news item follows below.

Panvita Food Group Incurs Loss, Boosts Revenues in 2011

Food group Panvita made a EUR 2.7m loss in 2011 even as revenues increased 8% year-on-year to EUR 122.4m. The pork division was the main reason for the group's negative results, having ended the year EUR 3.4m in the red, according to chairman Peter Polanič.

Two other subsidiaries incurred losses in 2011, Panvita Agromerkur and Panvita Mir, Polanič said, adding that the group made 93% of its turnover in Slovenia.

"If we are happy with the rise in revenues, we can't be happy about the business results," he said, explaining that the losses on the meat market were in part due to the foreign competition which operated "with predatory prices in Slovenia".

Polanič explained that self-sufficiency on the pork market in Slovenia dropped below 35% last year. According to him, the once successful branch, which employs 1,500 people, was now suffering losses to the tune of EUR 10m.

The group will discontinue the production of breeding sows and will start buying production pigs on the market, while it expects the state to help the branch with subsidies.

Panvita marketing director Aljaž Podlogar told the press that the group was planning on raising its sales revenues to EUR 124m by boosting exports.

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