Northern route: PRFoods fish transporter. PHOTO: PRFoods
Photo: PRFoods

John Ross smoked salmon supplier exports to China and reports loss in earnings

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Revenue of PRFoods down 18.5% on year in October.

The unaudited consolidated sales revenue of Estonian fish products seller, PRFoods, decreased by 18.5% ie EUR 1.6 million, on year in October, totaling EUR 6.9 million.

“Decrease in sales revenue was predictable as we are decreasing lower margin Norwegian salmon trade to other fish producers and focusing more on our own products, including fresh fish direct sales to customers,” the Tallin-based company said in a press release.

Revenue was divided by largest target markets in Finland (EUR 4.8 million, United Kingdom (EUR 1 million), Estonia (EUR 7 thousand, with remaining going to Latvia, France, Belgiumm and export to other countries.

PR foods added that October’s revenues were also influenced by later usage of own farmed fish, as due to more favourable climate as they only started farming in November (longer growing period provides better growth).

At the end of October, PRFoods started export to China from its luxury smoked salmon plants, John Ross Jr and Coln Valley.

The company added that it largest October loss (a loss of  EUR 1 million)  came from the raw fish and fillets products group. While earnings from the smoked products group decreased by EUR 400 thousand euros.

Lookking ahead, the company said that the “last quarter of calendar year is traditionally the most important quarter for both turnover and profit, and we are optimistic about outlook of the quarter”