Sales of Latvia's Rigas Dzirnavnieks grain co contract 20-25 pct, profit grows in H1

02.08.2010 13:26 "Agro Perspectiva" (Kyiv) — Sales of Latvia’s Rigas Dzirnavnieks grain co contract 20–25 pct, profit grows in H1 RIGA, Jul 28, BNS — The sales of Rigas Dzirnavnieks grain processing company contracted by some 20–25 percent in the first half of 2010, but its profit increased, said Rigas Dzirnavnieks director general Sandis Jansons, declining to reveal precise sales and profit figures. Jansons said the decline in turnover had to do with lower prices for the company’s products compared to last year, but the profit increased thanks to successful export projects and a larger product portfolio. He said Rigas Dzirnavnieks’ exports to Russia had increased fivefold, while exports to Lithuania had decreased slightly. Rigas Dzirnavnieks director said the proportion of exports in the company’s total sales remained stable at 30 percent. He said the nearest challenge would be to expand the company’s market share in Finland. Rigas Dzirnavnieks generated 15.703 million lats in sales for 2009 at a 28 percent decline from 2008, and posted a profit of 9,800 lats against a loss in 2008. Rigas Dzirnavnieks is one of the largest grain processing companies in the Baltic states and is a member of Sweden’s Lantmannen group. Rigas Dzirnavnieks turns out flour products for industrial clients and retail sale under the brand names Hercogs, Herkuless and AXA.

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