Business News

Panvita Food Group Back to Profit in 2010

Murska Sobota, 17 February (STA) - Food group Panvita generated EUR 112.5m in revenues in 2010, which is up 6% year-on-year. Operating profit stood at EUR 3.4m, which compares to a EUR 0.5m loss in 2009, Panvita management told the press on Thursday.

"Considering the declining competitiveness of the Slovenian economy, the deepening of the credit crunch, deteriorating liquidity and price hikes in the second half of the year, we are satisfied with the results," said chairman Peter Polanic.

In 2010, the group's investments stood at EUR 8.5m, with most of it going to a biogas power plant and a hen farm. The group employed 615 people last year, down from 664 in 2009.

Polanic said that the company would continue in 2011 to produce safe and healthy domestic food, announcing further consolidation and streamlining of operations as well as new development projects.

While projecting the situation on the market to aggravate further, he said Panvita expected to increase revenues to EUR 118.7m in 2011 and end the year with a EUR 1.6m operating profit.

Last year the company produced 51,000 tonnes of fodder, and the profit from the agricultural segment stood at EUR 2.6m. Meanwhile, the pig breeding segment generated a EUR 0.5m loss.

Panvita, which exports between 7% and 8% of its products, plans to enter the markets of the Russian Federation, Ukraine, Georgia, Azerbaijan and Moldova, as well as Austria and Hungary. New products in 2011 will meanwhile include poppy, sweet corn and watermelons.

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