Business News

Profit Down at Poultry Producer Pivka

Pivka, 02 July (STA) - Poultry producer Pivka perutninarstvo confirmed on Monday a profit of EUR 163,000 for 2011, which is a 25% decrease on the year before. Net revenues were up 5.8% to EUR 33m, which is below the target.

Profit was also down at Pivka's fish-processing subsidiary Delamaris, from EUR 428,000 to EUR 310,000, although the company increased sales revenues by 3.6% to EUR 11.1m.

Pivka perutninarstvo attributes the results to an increase in the prices of raw materials, payment defaults, the sales policies of major retailers and a decrease in consumer purchasing power.

Pivka perutninarstvo's management and supervisors were granted discharge at today's AGM and the shareholders decided to leave the entire profit undistributed.

Chairman Janez Rebec said after the session that greater productivity and new products will be in the focus in 2012. "We continue to put great stress on foreign markets and new sales channels," he said.

Also to mark 2012 will be the construction of a new production hall, part of Delamaris' plans to move production from Izola to Pivka.

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