Business News

Poultry Producer Ends 2012 in Red Despite Record Revenue

Ptuj, 04 June (STA) - Poultry producer Perutnina Ptuj generated record-breaking revenues of EUR 262m in 2012, up 2% from the year before. However, an EUR 9m impairment of the group's stocks of Probanka bank slashed the profit from the previous unaudited results to a EUR 7.5m loss, the poultry maker said on Tuesday.

Perutnina Ptuj chairman Roman Glaser said 2012 was a year of major steps forward, as the group generated for the first time more than EUR 260m in revenue, more than EUR 13.5m in operating profit and more than EUR 25m in EBITDA.

Despite ending in the red for the fourth consecutive year, Glaser stressed that the 2012 loss was not an operating loss but a consequence of poor conditions in the banking sector.

The poultry maker has been ordered to sell at least part of its stock in Probanka, but has so far failed to do so, although it has authorised foreign consultants to find buyers.

The group's plan for 2013 envisages a further 12% growth in revenue and Glaser is happy with the over 5% growth in the first four months of the year, which are usually slower than the rest of the year.

He expects a year that is no less difficult than the previous one, with the same problems continuing in purchasing, in high prices of raw materials and customer pressures on lowering prices. Revenues are thus increasing mostly on the account of foreign markets, he added.

Glaser further said talks with banks on reprogramming Perutnina Ptuj's loans were running smoothly and that he saw no major problems.

However, he did not wish to comment on the poultry producer's search for a strategic partner, noting that it was a delicate topic and that details would be revealed in due time.

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