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BRIEF-Milkiland FY 2016 net loss narrows to 38.8 mln euros
May 22, 2017 / 7:50 AM / 4 months ago

BRIEF-Milkiland FY 2016 net loss narrows to 38.8 mln euros

May 22 (Reuters) - MILKILAND NV:

* REPORTED ON FRIDAY THAT ITS FY 2016 REVENUE WAS 146.8 MILLION EUROS VERSUS 191.4 MILLION EUROS A YEAR AGO

* FY 2016 NET LOSS WAS 38.8 MILLION EUROS ​VERSUS ​LOSS OF 72.8 MILLION EUROS A YEAR AGO

* TOTAL 2016 WHOLE-MILK PRODUCTS VOLUME SALES DECREASED BY 23 PERCENT YEAR ON YEAR TO 81.6 MILLION EUROS MAINLY ON THE BACK OF DECLINE OF THOSE PRODUCTS SALES IN UKRAINE AND RUSSIA

* IN 2016 REVENUES IN CHEESE AND BUTTER SEGMENT DECLINED BY 29 PERCENT YEAR ON YEAR TO 46.7 MILLION EUROS DEPRESSED BY NATIONAL CURRENCY DEVALUATION ON BOTH KEY MARKETS - UKRAINE AND RUSSIA

* IN 2017 THE COMPANY PLANS TO CONTINUE THE EFFORTS ON DEVELOPMENT OF THE DISTRIBUTION NETWORK IN CHINA AND TO INCREASE AN EXPORT TO THIRD COUNTRIES MARKETS, INCLUDING JORDAN AND ISRAEL

* IN 2017 AIMS TO CONTINUE THE REALIZATION OF A TOLLING CONTRACT WITH GERMAN BASED COMPANY B2B INTERTRADE ON PRODUCTION OF CHEESE PRODUCT

* THE COMPANY‘S INVESTMENT BUDGET FOR 2017 WILL BE LIMITED ON THE MAINTENANCE LEVEL

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