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Earnings of HKScan’s Baltic unit increased to 173.6 mln euros in 2015

Net sales of the Baltic unit of the listed Nordic meat group HKScan, owner of the Rakvere Lihakombinaat meatpacking company in Estonia, grew nearly half a percent year-on-year in 2015 to 173.6 million euros and the unit’s operating profit increased 48% to 5.4 million euros, the company told the stock exchange, cites LETA/BNS.

According to the group the results in the Baltic countries as well as demand for the company’s products were rather good last year, although a small decline was recorded at the end of the year.

The group added that as of the third quarter of 2015 the Baltic unit’s operations were strongly affected by the African swine fever (ASF) in the region which substantially reduced the production and export of pork and resulted in a much stronger competition, especially in Estonia.

The total revenue of HKScan declined nearly 4% last year to 1.9 billion euros.

Source: The Baltic Course

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