East European food processing group PR Foods posted static earnings for the fourth quarter of its 2018/19 financial year after lower sales from its Estonian factory to Finland and a decrease in fresh fish trading in the country.
Earnings before interest, tax, demortization and amortization (EBITDA) for the three months to June 30 were €300,000 ($333,300), equal to the fourth quarter of the last financial year, while sales slid 3 percent to €21.5 million ($23.9 million).
Although the quarter’s sales decreased, gross profit improved by 20 percent in the quarter Gross profit for the quarter was 2.1 million euros, increasing 17 percent year on year.
Full year EBITDA was significantly down, by 61 percent to €1.7 million ($1.9 million), mainly affected by a very weak result in the second and third quarters in its Estonian unit. The main problem was the procurement of raw material in Estonia and Finland, and taking into account that trout prices decreased, the realization of inventory resulted in a loss.
"Today we have put our inventory management on a new footing and our stock is kept at an optimum level," said the company.
Full year sales were down 10 percent to €85.7 million ($95.2 million).