“Intense competition” and a weaker rouble have hit full year sales and dented profits at European meat processor Atria.
For the year, net income fell to EUR14.6m (US$16.5m) from EUR26.8m.
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EBIT declined to EUR28.9m from 40.6m impacted by higher operating expenses.
Sales dropped to EUR1.3bn from EUR1.4bn. Atria said the decrease came from the sale of the Falbygdens cheese business and the weakening of the rouble as well as “lower-than-usual sales during the summer season and intense competition”.
Full year sales by region
- Finland: Declined to EUR929m v EUR945.5m. Decline due to weaker consumer demand and decreased sales prices.
- Scandinavia: Declined to EUR330.5m v EUR371.9m. Decline due to sale of Falbygdens cheese business.
- Russia: Declined to EUR75.1m v EUR98.8m. Declined in euro terms due to weakening of the rouble. Sales volumes in the retail business also fell and Atria lost some market share.
- Baltics: Declined to EUR32.9m v EUR34.5m. Prolonged oversupply in the international meat market and fierce price competition in the retail market brought down meat prices. Profitability was weakened by slow sales in the summer season and measures taken to prevent the spread of African swine fever.
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